Consultation on Economic Substance Requirements

Tuesday 7 August 11:06

The Government of Jersey has published a consultation paper seeking feedback on proposed economic substance requirements for companies that are tax resident in Jersey.

The proposals set out in the consultation would allow the Island to meet the commitments made in 2017 to the EU Code of Conduct Group on Business Taxation.

This consultation follows many months of internal preparations, involving engagement with industry representatives, Jersey Finance, and the Jersey Financial Services Commission. It has also involved external dialogue with representatives of the EU Code of Conduct Group, OECD officials, and the EU Commission in order to obtain clarity on the EU’s expectations.

The high-level proposals in the paper would allow the Tax Department to identify companies carrying out “relevant activities” – including banking, insurance and fund management – and impose substance requirements on them, which may include having physical offices and employees based in Jersey. Those requirements could then be enforced through a series of measures including fines and, ultimately, striking a company from the register.

Senator Ian Gorst, Minister for External Relations, who has responsibility for financial services, commented:

“The consultation on these proposals represents the latest step in the evolution of the Island’s international tax policy – and maintains our longstanding commitment to tax neutrality, transparency and that regulated financial institutions have a real physical presence in the Island. We strongly welcome input from industry practitioners and members of the public on these proposals.”

Responses to the consultation can be sent via email to tax.policy@gov.je

Reade the Consultation Paper HERE

Events

  • Brightly Charity Beach Yoga Event Asking for Minimum Donation of £5

    › read more
  • Bailiwick Express Business Academy CLOSING DATE FOR APPLICATIONS IS FRIDAY 31st AUGUST 2018.

    › read more
  • Ibex Education - Excel Introduction

    › read more
  • Ibex Education - Excel at Intermediate Level

    › read more
  • Ibex Education - Excel at Advanced Level

    › read more
  • Marbral Advisory - Blockchain for lawyers Early Bird: €75.00 - Standard: €115.00

    › read more
  • Marbral Advisory - Blockchain Basics Early Bird: €75.00 - Standard: €115.00

    › read more
  • Jersey Chamber of Commerce 250th Gala Event Details coming soon

    › read more
  • GTA Guernsey - IoD Accelerated Company Direction Programme Course Cost: £5,750.00 | Course Length: 5 days (generally 08:30-19:00)12-16 November 2018 |

    › read more
  • Jersey Business - Enterprise Week 2018 FREE EVENT

    › read more

Chamber Knowledgebase

Our frequently asked questions

Contact Magazine

Click here to view the latest digital issue of the Channel Islands Business Magazine.

Jersey Airport / Harbours

The latest arrivals and departures, select a link above

Charity of Choice 2018

Click here to learn more about the vital work of the Jersey Employment Trust and how you can help.

The Benefits of Membership

Networking opportunities, including our popular luncheons
Topical seminar programme
Support and guidance on doing business in Jersey


And become one of over 500 member businesses supporting Chamber in its aim of ensuring that local business is at the heart of a thriving and diverse local economy.

Call 01534 724536
› About Chamber


Copyright © Jersey Chamber 2012 - The Jersey Chamber of Commerce welcomes your comments and views. However, the posting of comments is subject to our terms which can be read here. Comments posted by users of this site are not the Chamber's comments nor do they represent the views of the Jersey Chamber of Commerce.

↑ Back to top