£7m GST trade-off for finance firms
Friday 14th March 2008, 12:00AM GMT.
JERSEY’s finance industry will pay £7.5m in fees in return for being exempt from paying GST.
The States agreed this week that banks, trusts and financial service providers will pay annual fees ranging from £100 to ฃ30,000.
In return, companies will be exempt from paying GST on anything they buy in the Island which costs more than ฃ1,000.
Treasury Minister Terry Le Su-eur said that as most of the business of finance firms dealt with non-Island residents, they did not qualify to pay GST. But as they had a presence in Jersey they should be making a contribution to the States.
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