Jersey's Treasury Minister backs review of corporation tax

Credit: ITV News

Jersey's Treasury minister is promising to investigate calls for large retailers in the island to be taxed on their profits, if the States back his budget proposals.

Senator Alan Maclean wants parliament to support his move for companies to report details of the profit, to help him decide the best way to make changes to the current tax system.

It comes as Senator Sarah Ferguson calls for those making more than £500,000 in profit to be taxed at a rate of 20% to avoid money being funneled off-island.

Senator Maclean doesn't back such a prescriptive change, but does want to look at amending the current system over the next three years which sees only certain finance, property development and utility firms being charged corporation tax.

We already have and still will have a very low corporate tax base even if we did introduce this new measure at ten percent or even twenty percent so I think we have to put it into perspective and compare the competitiveness with other jurisdictions because we'd still be very low tax and very competitive.

– Senator Alan Maclean