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| Jersey Publishes EU Savings Tax Figures |
by Jason Gorringe, Tax-News.com, London
Tuesday, September 20, 2011
Jersey’s Comptroller of Taxes has remitted to EU member states a total of
GBP4m in retention tax for the year 2010.
Retention tax is applied by Jersey paying agents and passed to the Comptroller
of Taxes in accordance with the EU Savings Tax Directive, which requires withholding
tax to be applied to the deposits of the residents of EU member states.
Under the terms of the Directive, 75% of the tax retained (GBP4m) is sent to
the individual member states and the remaining 25% (GBP1.3m) is to be retained
by the Jersey government. Due to the fuller effect of low interest rates, the
amount of tax retained in 2010 is significantly less than in 2009 when GBP8.85m
was remitted to the Member States and GBP2.99m was retained by the Treasury.
The collection of retention tax relies upon the co-operation of local paying
agents. The Comptroller of Taxes and the President of the Bankers’ Federation
are both happy that the process of exchanging information and the payment of
retention tax is continuing to work extremely well.
Comptroller of Taxes, Malcolm Campbell, said: "I am extremely grateful
once again for all the help received from paying agents, in particular banks,
which bear the greatest burden as a result of these agreements."
The Treasury and Resources Minister, Philip Ozouf, said: "As in
previous years this shows that Jersey continues to honour the commitments that
it entered into voluntarily with member states."
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