Government of Jersey Welcomes EU Code of Conduct Group Scoping Document
Monday 11 June 15:48
The EU Code of Conduct Group on Business Taxation have presented a scoping paper on economic substance as part of their ‘non-cooperative tax jurisdictions’ listing process.
Jersey was identified as a cooperative jurisdiction in December 2017, but made a number of commitments to the Code Group in relation to their concerns about businesses in the Island demonstrating economic substance.
Jersey has consistently called on the Code of Conduct Group to provide further clarity on its expectations of jurisdictions, particularly on matters of economic substance.
The Minister for External Relations, Senator Ian Gorst, commented:
“We welcome the publication of this document, which provides some further clarity regarding the steps required to meet the concerns of the Code Group, however further dialogue is still required with the EU to confirm a number of areas of policy.
We will continue to work across Government, the JFSC and industry to develop a package of measures that, we believe, should satisfy the EU’s concerns on economic substance in Jersey.
The exact nature of that package of measures will require detailed discussion with the Code of Conduct Group and EU Commission Services over the coming months. Given the time that has already elapsed, I hope that these discussions take place imminently - in order to meet our commitment to address any perceived concerns by the end of 2018.”
Senator Gorst will provide an update to States Members at the first ordinary meeting of the States Assembly on Tuesday 26 June.
States of Jersey Press Release.