A furious row is breaking out in Jersey. Deputy Montfort Tadier gave an interview to the French newspaper Le Parisien in which he answered their questions as follows (via Google translate):
Jersey is it, yes or no, a tax haven?
MONTFORT Tadier. Yes! Say that Jersey is not a tax haven but an "international center for low-tax" only a matter of semantics. The truth is that most other countries see us as a tax haven. And that many of their citizens hide their assets to us.
Is it because she specializes in Jersey trusts that attracts candidates for tax evasion?
Yes. It should be noted that in itself a trust instrument is a completely legal. But there is next to a system of fictitious trusts, "sham trusts". These have only one purpose: to allow foreign residents who put up the eyes away from their original tax.Within the airport St Peter, a private room allows even the most hurried travelers constitute a trust without putting a foot in St Helier ... Result: Jersey are now primarily to allow people who live not here to escape the taxes they would pay in their own country.
Who are the victims of this system?
States whose coffers are empty and all the citizens who pay their taxes honestly. Certainly, we have strengthened our procedures.In spite of this, devices and tax arrangements proposed here hanging over your budget. Our practices deprive the French tax authorities million.
The French tax evaders are there many?
Dozens of French settled on the island and live there all year(note: tax exiles) . I do not have exact figures on tax evaders. But as citizens of the world come to Jersey trusts use to escape the tax, why should there not French? Moreover, if two major French banks, the Societe Generale and BNP Paribas, are present on site, there is surely a reason ...
What are the consequences for the people?
Jersey was captured by the finance, risk of increasing inequality .In 2008, the government has introduced the Goods and Services Tax (GST), a consumption tax that applies for all commodities to offset losses caused by the removal of the tax on profits for foreign companies domiciled in Jersey.
Jersey But could it survive the departure of finance?
Course, and anyway, finance will leave sooner or later. We must prepare for the future now. For this, we need investment. We need to diversify our activities and further develop tourism.
To almost anyone with common sense there is nothing shocking about this at all. Indeed, it all seems to be a matter of common sense. But the Jersey authorities have gone ballistic. I'll be dealing with the fall out later today. But to say that the Jersey authorities have made themselves look very, very foolish as a result is an understatement, because what they've actually revealed as a result is their belief in the totalitarianism without opposition in the interests of the finance industry.