Zero-ten approved by EU

20 December 2011

Jersey’s corporate tax regime was approved by the Council of Ministers of the European Union in Brussels on 19 December 2011.

The Council approved the report of the EU Code of Conduct on Business Taxation Group which accepted that, with the roll back of the deemed distribution provisions, Jersey’s corporate tax regime no longer had harmful effects within the meaning of the code.

Chief Minister, Senator Ian Gorst, said “This brings to a very satisfactory conclusion the steps that were taken to satisfy the Code Group that Jersey’s corporate tax regime is now compliant with the code of conduct criteria.”

Minister for Treasury and Resources, Senator Philip Ozouf, said “The journey to this approval has been long and challenging. This decision fully confirms the position taken in close cooperation with former Senators Le Sueur and Cohen and our officials. I would like to personally thank them all for their advice and support.

“The Code Group’s decision today is extremely significant as approval of Jersey’s tax system. I hope that this news will be welcomed as a statement of confidence in past decisions but, more importantly, now that approval has been finally secured, in the positive future of our Island.”