A law outlining how the new Goods and Services Tax (GST) will work has been adopted by States members.
GST, which is to come into effect next year, will include nearly everything sold in Jersey. It is aimed at correcting a budget deficit in the island from the introduction of a zero rate corporation tax to keep the island competitive.
Small businesses, i.e. those with profits less than £300,000 a year, will not have to register for the GST.
Charities will be exempt from the new sales tax.
States members are now working on the details of the tax which is likely to be set at 3% for three years.
About The Author
Sarah Laing
Editor, TaxationWeb News
Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences).
Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession.
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