Category Taxation in Jersey

Jersey Cuts Income Tax, Boosts Allowances

October 9, 2013 Taxation In EuropeTaxation in Jersey

St Aubin JerseySAINT HELIER – Tax burdens on personal incomes in Jersey are set to be reduced, and the average taxpayer will soon see their tax obligations fall by over GBP 800 per year.

The government of Jersey is looking to “…cut taxes, invests in essential infrastructure for the long-term benefit of the Island and gives something back to the hardworking people of Jersey,” according to a statement made on October 8th by the Minister for Treasury and Resources Philip Ozouf during the presentation of the national budget plan for 2014.

As many as 40 000 households in Jersey will benefit from 1 percent reduction of the top marginal tax rate, currently set at 27 percent, with the move being estimated to reduce total burdens by more than GBP 7.8 million.

Approximately 84 percent of taxpayers will al...

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Bermuda, Jersey and BVI Branded as Tax Havens

August 30, 2013 Tax HavensTaxation in BermudaTaxation in British Virgin IslandsTaxation in Jersey

British Virgin IslandsPARIS – The government of France is taking a firm stance in the fight against international financial crimes by classifying three more countries as tax havens.

France has officially classified Bermuda, British Virgin Islands and Jersey as “non-co-operative jurisdictions” in regards to information sharing and taxation, with the three countries joining the ranks of Botswana, Brunei, Guatemala, Marshall Islands, Montserrat, Nauru and Niue, which have also effectively been classed as tax havens.

The countries on the list each face a 75 percent automatic withholding tax on any payments coming from France.

The withholding tax will only come into effect on January 1st 2014 for the three newly added countries, and the government of each nation now has until the end of this year to address and ...

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Jersey Slashing Taxes for the Ultra Rich

July 27, 2011 Taxation in Jersey

St Aubin JerseyThe island nation of Jersey is looking to use newly revised tax laws to entice high net worth individuals and wealthy tax exiles from around the world to settle down in the country.

On July 22nd the Minister for Treasury and Resources of Jersey Philip Ozouf announced a newly approved revision to the nation’s tax laws, aimed at attracting greater number of international high net worth individuals to the island.

Under the revised laws, overseas residents who have been granted permission to reside in Jersey under the country’s 1(k)(k) program will now be taxed 20 percent on the first JEP 625 000 of their incomes, and all subsequent earnings will only be liable for a 1 percent income tax...

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Treatment of Offshore Centers Debated in Parliament

July 23, 2010 International Tax CooperationOffshore TaxationTaxation in JerseyTaxation in UK

Point of Ayre LighthouseThe negative effect of international financial centers on the UK economy and tax revenues is dramatically overstated, and overall treatment of international financial centers in the UK has been “remarkably one-sided.”

Allegations of unfairness have been laid against the OECD and the Governments of advanced economies, in regards to their treatment of international financial centers (IFC). While holding a debate in the UK Parliament on the topic of offshore financial centers on July 21st, Mark Field, Conservative MP, said that IFCs were not responsible for the recent global financial breakdown...

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Jersey Considering Major Tax Hikes

June 22, 2010 Tax HavensTaxation in Jersey

Still Waiting for BonaparteThe Government of the British Crown Dependency of Jersey has released a new public consultation paper which examines possible tax changes to plug the Government’s emerging budget gap.

On June 21st the Government of Jersey released a public consultation paper dealing with the possible implementation of increased tax rates, with the ultimate aim of sustainably decreasing the current budget deficit without serious cuts to public services. According to Government estimates, an extra JEP 60 million of tax revenue will be needed annually to support current level of public services, like education, children’s services and health infrastructure. It was conceded that most Governments would borrow funds in a similar situation, but this option is considered to be unsustainable for Jersey.

The Gover...

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