• Sat. May 18th, 2024

Jersey’s Finance Minister Speaks Out: No Plans to Increase Business Taxes in the Island

BySamantha Jones

Mar 26, 2024
Minister refuses to implement immediate business tax increase in Jersey

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

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 the importance of maintaining competitiveness in the finance center and stated 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 the need for a balanced tax system that does not put undue pressure on individuals.

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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