Minister refuses to implement immediate business tax increase in Jersey

Jersey’s Treasury Minister Confirms No Immediate Plans to Increase Business Taxes

Jersey’s Treasury Minister Elaine Millar recently stated that the government has no immediate plans to increase business taxes in Jersey. The standard rate of company tax in Jersey is 0%, with finance firms paying 10% under the ‘zero/ten’ system. Despite this, the government collects taxes on income and goods and services, but does not collect capital gains or inheritance tax.

The government of Jersey acknowledges the importance of maintaining competitiveness in the finance center, as Deputy Jonathan Renouf suggested that Jersey should consider broadening its tax base beyond just income tax and taxes on spending to reduce the burden on individuals. However, Minister Millar emphasized that no additional taxes, including business taxes, are currently being considered.

Minister Millar highlighted that Jersey residents pay significantly less income tax compared to those in the UK. The 5% GST charged on goods and services in Jersey is lower than the 20% VAT in the UK. She also mentioned that large multinational companies with a group turnover exceeding €750m will be subject to a 15% tax rate from 2025 to comply with international taxation reforms approved by the G20 in 2021.

Overall, the government of Jersey is cautious about introducing new taxes that could impact the competitiveness of the finance center but acknowledges

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