EU residents bring in £9m tax ¬ª Business ¬ª This Is Jersey.
European Union residents with savings in Jersey contributed nearly £9 million to the States budget last year.
The Comptroller of Income Tax is entitled to cream off 25% of the taxes collected on behalf of EU countries from EU residents who have savings accounts in Jersey but who prefer not to divulge their details to their home tax authorities.
But let's put that another way: this means that come 2011 when Jersey is fully sharing data under the European Union Savings Tax Directive this income will be lost by it.
Which means this is just another contribution to the enormous black hole it is facing.
Sometime they will admit they're bust.
Then the serious talking can begin.
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And based on the same figures the share of withholding tax would be £12m for each of 2009 and 2010 as the rate withheld has risen from 15% to 20%.
But a loss of £9m just means an increase in GST from 3% to around 3.5% to cover it. Easily sorted. Compares rather well with 17.5% or even 20% doesn’t it ? Hardly “going bust” I would suggest.