• Sat. May 25th, 2024

Jersey Treasury Minister Elaine Millar: No Plans to Increase Business Taxes in the Short Term

BySamantha Nguyen

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

Jersey’s Treasury Minister Elaine Millar recently stated that there are 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. However, the government collects taxes on income and goods and services, but does not collect capital gains or inheritance tax.

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. According to Statistics Jersey, taxes on wages and salaries in Jersey contribute to a higher proportion of government revenue compared to most other places in the world. 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.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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