05/06/24

JERSEY: Tax regulations could tighten for American companies in Jersey

As published on: bbc.co.uk, Wednesday 5 June, 2024. 

Jersey could tighten the rules on how it governs American companies based in the island for tax.

The treasury said the regulations needed to match the Common Reporting Standard (CRS) - the global standard for the automatic exchange of financial account information, which aims to prevent cross-border tax evasion.

Ian Gorst, the Minister for External Relations, proposed an amendment, external to the current taxation regulations to "ensure adequate powers" existed to ensure compliance of financial institutions.

He said the amendment would ensure American companies based in Jersey that did not have any business or premises in the island were complying with the regulations.

The government said an international inspection would take place and would be debated by the states from July.

Tags

Jersey Tax regulations US Companies Common Reporting Standard Channel Islands

ASIA: China’s Enhanced Benefic…