Zero-ten approved by EU

Jersey’s corporate tax regime has been approved today (19 December 2011) by the Council of Ministers of the European Union in Brussels.

The Council has 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.”

Treasury and Resources Minister, 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.”