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| Jersey Reports Fall In EU Withholding Tax |
by Jason Gorringe, Tax-News.com, London
Thursday, July 29, 2010
Jersey paying agents retained and passed to the Comptroller of Taxes a total of
GBP11.8m of retention tax for the year 2009. This is in accordance with agreements
entered into with each of the 27 EU member states on the taxation of savings income
that individuals resident in the member states are receiving on deposits in the
island.
Under the terms of the agreements, 75% of the tax retained (GBP8.85m) is sent
to the individual member states and the remaining 25% (GBP2.95m) is retained
by the Treasury. The tax sent to the member states and that retained by the
Treasury is substantially less than for 2008, when the figures were GBP26.72m
and GBP8.9m respectively. This, the Jersey government has surmised, is due to the very substantial reduction in interest
rates following the global financial crisis.
The Treasury and Resources Minister Philip Ozouf, commented: “This shows
that Jersey continues to honour the commitments that it entered into voluntarily
through agreements with each of the 27 member states in 2005, and this good
neighbour policy will be maintained.”
Noting that the collection of retention tax relies upon the cooperation of local
paying agents, Malcolm Campbell, Comptroller of Taxes, said: “I am extremely
grateful once again for all the co-operation and help received from the paying
agents, in particular the banks, who bear the greatest burden.”
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