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Income Tax (Amendment No.36) (Jersey) Law 201-: Act Declaring Law shall have Immediate Effect

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A decision made on 26 November 2010 regarding the Income Tax (Amendment No.36) (Jersey) Law 201-: Act Declaring Law shall have Immediate Effect

Decision Reference:  MD-TR-2010-0164

Decision Summary Title:

Act declaring that the Income Tax (Amendment No 36) (Jersey) Law 201- shall have immediate effect

Date of Decision Summary:

23rd November 2010

Decision Summary Author:

Director of International Tax

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Act declaring that the Income Tax (Amendment No 36) (Jersey) Law 201- shall have immediate effect

Date of Written Report:

22nd November 2010

Written Report Author:

Director of International Tax

Written Report :

Public or Exempt?

Public

Subject:

Acte Operatoire re: Income Tax (Amendment No. 36) (Jersey) Law 201- to be lodged “au Greffe”.

Decision(s):

The Minister directed that an Acte Opératoire be lodged “au Greffe” on the day on which the Income Tax (Amendment No. 36) (Jersey) Law 201- is debated by the States, with the intention that if the amendment is approved, the States be asked to agree that it should have immediate effect, in accordance with Article 19 of the Public Finances (Jersey) Law 2005.

Reason(s) for Decision:  To enable the Income Tax (Amendment No. 36) Law 201- to have immediate effect following its approval by the States.

Resource Implications: None.

Action required:

Director of International Tax to forward the necessary draft Acte Opératoire to the Greffier of the States in advance of the day on which the Income Tax (Amendment No. 36) (Jersey) Law 201- is debated in order that it may be circulated at the relevant point of the proceedings.

Signature:

 

 

 

 

Position: Senator  P F C Ozouf, Minister for Treasury and Resources

 

                 

 

Date Signed:

Date of Decision:

 

Income Tax (Amendment No.36) (Jersey) Law 201-: Act Declaring Law shall have Immediate Effect

Treasury and Resources

Ministerial/Treasurer’s Decision Report

 

 

Act declaring that the Income Tax (Amendment No. 36) (Jersey) Law 201- shall have immediate effect

 

  1. Purpose of Report

 

The purpose of this report is to ask the Minister for Treasury and Resources to direct that if approved by the States, steps be taken to ensure that the Income Tax (Amendment No. 36) (Jersey) Law 201- shall have immediate effect.

 

  1. Background

 

The draft Income Tax (Amendment No. 36) (Jersey) Law 201- proposes to introduce a regime to exempt funds, their subsidiary investment holding companies and securitisation vehicles from income tax.  This is designed to bring Jersey’s tax law clearly into line with other jurisdictions such as Guernsey.

 

  1. Main Content / Subject matter

 

In accordance with Article 19 of the Public Finances (Jersey) Law 2005, the States may declare that a law concerning tax matters has immediate effect, following its approval by the States.

 

The draft Income Tax (Amendment No. 36) (Jersey) Law 201- has been framed with the intention that it should have immediate effect.  An Acte Opératoire must be approved by the States in order to achieve this.

 

  1. Recommendation

 

It is recommended that the Minister for Treasury and Resources should direct that an Acte Opératoire be lodged “au Greffe” on the day on which the Income Tax (Amendment No. 36) (Jersey) Law 201- is debated by the States, with the intention that if the amendment is approved, the States be asked to agree that it should have immediate effect.

 

  1. Reason for Decision

 

To enable the Income Tax (Amendment No. 36) Law to have immediate effect if approved by the States.

 

  1. Resource Implications

None.

 

 

Report author : Director of International Tax

Document date : 23rd November 2010

Quality Assurance / Review : Head of Decision Support

File name and path: l:\treasury\sections\corporate finance\ministerial decisions\dss, wrs and sds\2010-0164 - income tax amd 36 acte operatoire - wm\wr - income tax amd 36 acte operatoire - wm.doc

MD sponsor : Interim Treasurer of the States

 

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