Tax Exemption for the International Oil Pollution and Supplementary Funds

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A decisin made on 10 December 2014:

Decision Reference: MD-E-2014-0123
Decision Summary Title :	Tax Exemption for the International Oil Pollution and Supplementary Funds		Date of Decision Summary:	3 December 2014
Decision Summary Author:	Registrar of Shipping		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	n/a
Written Report Title :	Approval of tax exemption		Date of Written Report:	3 December 2014
Written Report Author:	Registrar of Shipping		Written Report : Public or Exempt?	Public
Subject: Tax Exemption for the International Oil Pollution and Supplementary Funds
Decision(s): The Minister decided to request the Minister for Treasury and Resources to approve a tax exemption to apply to the international Oil Pollution Fund and Supplementary Fund in the event that any of the income, assets and property of these funds were to be based in Jersey and therefore to be subject to Jersey income tax GST or Customs Duties.
Reason(s) for Decision: The draft Shipping (Oil Pollution) (Liability and Compensation) (Jersey) Law 201- has been under development for some time. Inter alia, it aims to improve the financial funding available to the Island in the event of a major oil spill in Jersey waters or a spill that affects Jersey waters. If passed by the States it will give recognition to these Funds as legal persons and a stipulation of the associated international agreement is that such Funds should be exempt from tax. Before a tax exemption clause is inserted, the Minister wishes to have the approval of the Minister for Treasury and Resources.
Resource Implications: Because the Funds are not expected to set up a presence in the Island, the measure will have no material effect. Hence, there are no new financial, property, ICT or human resources issues arising.
Action required: The Minister for Treasury and Resources is asked to approve the tax exemptions as described in the attached report.
Signature: Senator L.J.Farnham		Position: Minister
Date Signed:		Date of Decision (If different from Date Signed):