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1240/5(3946)
WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY G.P. SOUTHERN OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 17th JUNE 2008
Question
- In the lightof the recenttakeoverofCIFuel Supplies by a foreign-ownedcompany, will the Minister explain to membershowzero rating, as part of his zero/ten tax proposals,fornon locally owned,non finance companies will affect taxation revenuesfollowing its introduction and in particular can he provide an updated figure on the £30m estimateof lost revenueproduced in 2004?
Answer
I have already given these figures to States Members. I have no updated figures in relation to these companies from the ones supplied to States Members at the time I indicated an update of the fiscal deficit to a range of £79-94 million, and which suggested that recent estimates had updated the sources of income and had changed the loss from non-finance, non-local companies to a figure of £12-£14 million.
Question
- W h atmeasures, if any,does the Minister have available to act against further tax revenuelosses from this mechanism through continuedincreases in foreign ownershipofcompaniestrading, tax –free on the Island? Ifnone,whatmeasures,ifany,can he proposeto reduce further tax revenue losses?
Answer
I am currently considering a deemed rental charge on non finance non Jersey owned companies (the "Blampied" proposals). and will be issuing a consultation paper on the matter within the next 6 weeks, with a view to bringing these forward in the forthcoming 2009 Budget, as previously indicated.