A week ago I wrote about why Jersey's planned legislation that was intended, in their opinion, to meet the requirements of the EU's economic substance rules. This is a pre-condition of getting off the EU's so-called tax haven grey list. The alternative is Jersey moving instead to the black list, and suffering sanctions. I offered the opinion that the legislation failed miserably to meet the EU's requirements.
It looks like Jersey has realised that this is the case. I gather that the draft legislation has now been withdrawn. Climb downs don't always come that quickly.
I am happy to advise if Jersey wants to get this right. Based on precedent they could save a lot of time by doing so. They know my number.
UPDATE
This evening Jersey has republished the liegisaltion with minor changes.
Since the substance of the revised draft law remains as before I do not think it will pass the EU's requirements
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You gather from where? The document is still on the States propositions website and is listed for debate on 4th December.
https://statesassembly.gov.je/Pages/Propositions.aspx
I am told otherwise
Let’s see
My sources are usually reliable on such things
Again you write absolute nonsense about Jersey.
This is why nobody who works in Jersey Finance takes a blind bit of notice of anything you have to say anymore.
I was right – it was withdrawn
I am also pretty confident it will prove to be unacceptable
You cannot ignore 87% of companies
You obviously did not listen to the States this morning then.
Do you really think it was told the truth?
James – I didn’t. What are you referring to?
Will send you the Hansard or clip when up.