​A report on the taxation of foreign-owned non-finance companies was published on 24 October 2012 by the Minister for Treasury and Resources. The Minister’s report is supported by a detailed report by the Tax Policy Unit, which sets out the detailed consideration given to options for increasing revenues from these companies, all of which would tax company profits, impose a charge or restrict companies’ ability to recover the GST they pay.

The report found that:

• imposing a tax or charge linked to profits could jeopardise the tax neutrality which is the mainstay of the Island’s financial services industry
• a tax or charge specifically aimed at one sector, or selectively affecting non-locally owned companies, would be paid for by Jersey residents through higher prices, reduced wages or increased unemployment
• any measure aimed at non-locally owned businesses would deter inward investment and be detrimental to economic growth

When the economic conditions recover, the report considers that it may be appropriate to introduce changes to the way property is taxed in the Island. Jersey taxes property and property ownership lightly compared to other jurisdictions.  A substantial review of land and property taxation as a whole has begun.  Some changes may be proposed in the 2014 budget next year, if appropriate.