25 June 2009
Since the Goods and Services Tax (GST) was introduced in the Island last year, over 90% of all submissions have been made on time. This follows Senator Terry Le Sueur’s commitment to adopt a ‘light touch’ approach for the first year. From July however companies that don’t submit the required information and payment for GST on time will be liable to receive penalties.
Director of GST, Steve Lowthorpe commented: “The vast majority of businesses are complying and paying on time and we encourage companies to continue doing so. For those companies that aren’t complying we will be issuing penalties from July. Penalties will be imposed for four main reasons: late GST Returns, late payment, repeated and avoidable errors and failure to register. We would much rather talk to businesses to try to resolve any issues than send out penalties so do please get in touch if you are having difficulties.”
Treasury and Resources Minister, Senator Philip Ozouf commented: “Achieving a compliance rate for GST of over 90% after a year is excellent, particularly compared to neighbouring countries. I am also pleased to find that the number of businesses registering for GST has increased from last year, which is a further indicator that even in this difficult financial climate, Jersey has a healthy economy.”
A tax information sheet on the estimate assessments and penalties has been written to explain the new penalties. This fact sheet, contact details and more information on GST is available on www.gov.je/gst.
gov.je