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WRITTEN QUESTION TO THE MINISTER FOR ECONOMIC DEVELOPMENT BY DEPUTY G.P. SOUTHERN OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 4th MARCH 2014
Question
Will the Minister inform members what activities the Discovery Channel will be engaged in on the Island when it opens an office here and what benefits will accrue to Jersey? What safeguards, if any, does the Minister have to ensure that the office is not just a conduit to funnel profits and revenue streams through Jersey to avoid taxes elsewhere, thereby reinforcing the reputation of the island as a centre for tax evasion?
Answer
As the Deputy is no doubt aware my Department, through its Locate Jersey team, is tasked with attracting highly mobile, premium quality inward investment to the Island.
The company in question will in fact be operating the secretariat function of its business in the Island, in a fashion similar to that of a corporate secretary, albeit with a generally higher level of oversight, required owing to the size and global nature of the business.
As a direct result of a recent process of standardisation undertaken by the organisation, the company has decided to relocate its administrative centre of decision making to Jersey, bringing with it much needed employment and an increased positive international profile for Jersey's Digital sector. In short, the benefits to Jersey are 6 high quality jobs for local people, significant levels of personal income tax arising from these salaries and associated other States income from GST, Stamp Duty and additional local expenditure with local supplier companies.
In terms of safeguards, this business will operate within the same safeguards as any other business operating in the Island, such as the Jersey Financial Services Commission and Control of Work and Housing Law.