Jersey Promises Tax Certainty

Jersey’s Treasury Minister, Phillip Ozouf has reassured businesses that the jurisdiction regime will remain unchanged over the next few years, as the government have taken necessary steps to establish suitable finances.

Speaking to members of the island’s Chamber of Commerce, Mr Ozouf said that the island had exceeded budgetary forecasts last year; although the budgetary deficit of £12 million was significantly lower than the forecast deficit of £72 million, mainly as a result of strong corporate and personal income tax receipts.

It was also revealed by Mr Ozouf that government departments were able to save more than was targeted under the Budget, and were permitted to carry forward balances into next year to aid them in meeting longer-term expenditure cuts.

During his address to the Chamber of Commerce, Phillip Ozouf, said: “”From a government perspective, we now have a more normalized mixture of funding sources from income tax, company tax, consumption tax and duties.

“This is much more sustainable for the future,” he said. “Over the next three years we will be balancing our budgets and we will not be moving from our current system of taxation. Zero/ten will remain and Goods and Services Tax will stay at five percent. There will be no substantial changes.

“I am committed to low taxation, broadly-based and levied in a sustainable way. That is the Jersey system and will remain so.”

Bradford Accountant Ian Gill offers a range of accounting and tax advice to owner-managed businesses, sole traders and individuals.