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Jersey Finance chief reiterates belief in Zero-10

Jersey Finance’s CEO has reiterated his belief that the zero-10 tax regime remains viable.

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Responding to a report aired on Channel Islands TV last week based on a Treasury press release, Geoff Cook said in a recent statement that zero-10 was in no way going to be scrapped. 

"The types of headlines we have seen in the local media have seriously misunderstood the situation. The content of the UK Treasury’s comment uses some very unclear language, but in no way actually contradicts my understanding of Jersey’s stance on the matter.

"They are correct in saying that the entire zero-10 regime was reviewed, however any implication that the entire regime was viewed as harmful is not correct."

He added that only a section called Deemed Distribution was the area of focus of EU consideration.
 
Cook added the Treasury’s press statement also referred to a "normal, internationally acceptable business tax regime". He said as far as he was aware there was no such thing.

"[This is] extremely unclear, as to my knowledge, there is no "normal, international" business tax regime, with approaches to tax varying extensively throughout the world, depending on the needs and economic structure of each territory."

Cooked concluded: "zero-10 is still a viable, strong regime for Jersey and its finance industry, ensuring we remain competitive and provide stability."

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