Jersey Finance welcomes EU Code of Conduct Group’s approval of Jersey’s business tax regime

Jersey Finance has welcomed the news that the EU Code of Conduct Group has given its approval to Jersey’s proposed amendments to its business tax regime.

The Group met yesterday (13^th September) and announced that they accepted moves made by Jersey to remove the deemed distribution and attribution elements of the ‘zero-ten’ regime - elements they had deemed harmful – in order to fully satisfy the Code’s criteria. It now remains for the Group’s decision to be ratified by ECOFIN in December, when the Polish Presidency comes to an end.    

Geoff Cook, chief executive, Jersey Finance, said: “This is really excellent news for Jersey and brings clarity to the long-term future of Jersey’s business tax regime. I am delighted that the EU Code Group has given its approval to Jersey’s proposals to bring its business tax regime fully in line with the Code’s criteria.

“We have maintained throughout that zero-ten remains a viable, strong tax regime for Jersey and its finance industry, that is easily understood by service providers and their clients and at the same time ensuring Jersey offers stability and remains competitive with other jurisdictions. The Code Group’s decision will give finance firms even greater confidence in Jersey as a solid, robust and attractive centre in which to do business.”