Gorst: “It’s A Small Step To Address Concerns”
Jersey’s government has been told by the EU it needs to address concerns with profits being registered in the island by international businesses.
It relates to a “perceived lack of legal substance requirements that could lead to profits being registered in Jersey that do not demonstrate real economic activity.”
Despite this, Jersey wasn’t included on an EU blacklist of so-called ‘tax havens‘, published yesterday.
The list of 17 countries not meeting EU tax standards include Bahrain, Panama and the United Arab Emirates.
The Chief Minister, Ian Gorst, says it reflects the island’s commitment to tax transparency.
Speaking to Channel 103, he says the island is already working to address their concerns:
“We know that there is only one issue the European Union have got concerns about. There are at least 40 other jurisdictions where they want to enter into dialogue and discussion about their particular regime. For us though, I think it is a very small step to be able to address their concerns – we’ve already started working on them.”
He also took to Twitter yesterday, to reject claims the island is on a so-called tax ‘grey list’.
Reports that Jersey is on a ‘Grey List’ are simply incorrect. #ECOFIN Conclusions acknowledge Jersey is a cooperative jurisdiction, has built a positive relationship with the EU, and is determined to meet its commitments by the end of 2018.
— Senator Ian Gorst (@Ian_Gorst) December 5, 2017