Oil and quarries in tax net?

Monday 25th October 2010, 3:00PM BST.

Treasury Minister Philip Ozouf announced the Budget proposals last week

SOME foreign-owned companies which have avoided tax in Jersey could be forced to pay up under Budget proposals to claw back major sums into the Island’s coffers.

Income tax at 20 per cent will be levied on the profits of oil importers if a measure proposed in the draft Budget is approved by the States.

And the same rate of tax is proposed for profits arising out of what is initially described in the draft document as the ‘exploitation of land’ but can be defined as quarrying and other forms of mineral extraction.

The intention is to move oil importers and quarrying companies into the same tax category as the Island’s utilities, including Jersey Electricity, Jersey Water and Jersey Gas, whose profits are already taxed at 20 per cent.

Read the full story in the Jersey Evening Post.

Click here for subscription details.

Individual editions are also available online.