Jersey Finance Minister Elaine Millar has stated that there are no immediate plans to increase business tax in Jersey. The standard rate of company tax in Jersey is 0%, with finance companies paying 10% on a zero/ten basis. The government levies taxes on income and goods and services, but does not levy capital gains or inheritance taxes.

Payroll taxes in Jersey contribute a higher proportion of government revenue than most other places in the world, according to Jersey Statistics. Deputy Jonathan Renouf suggested that Jersey should consider broadening its tax base beyond just income tax and consumption tax to reduce the burden on individuals. However, Minister Millar emphasized the importance of maintaining competitiveness in the financial center and stated that additional taxes, including business taxes, are not currently being considered.

Minister Millar pointed out that Jersey residents pay significantly less income tax compared to those in the UK. The 5% VAT charged on goods and services in Jersey is lower than the 20% VAT in the UK. She also noted that large multinational companies with a group turnover of more than €750 million will be subject to a 15 percent tax rate from 2025 to align with international tax reforms approved by the G20 in 2021.

Overall, the Jersey government is cautious about introducing new taxes that could affect the competitiveness of the financial centre, but recognizes the need for a balanced tax system that does not place undue pressure on individuals.

By Samantha Johnson

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