This comes from the Channels Islands Bailiwick Express:
Jersey has been dubbed a blacklisted “tax haven” alongside 20 other jurisdictions by the Netherlands, as the country aims to clamp down on tax avoidance.
It's the first time the island has officially been blacklisted by an European Union nation, having last year escaped a list compiled by the EU Code Group naming and shaming 17 countries as part of a bid to curb the estimated £500billion annual losses to aggressive tax regimes.
Instead, Jersey was warned it must introduce tougher measures as it was placed on a ‘watch list' with Guernsey and fellow Crown Dependency the Isle of Man.
But, despite having worked to introduce legislation aimed at stopping ‘shell' companies from being set up for tax purposes on their shores, all three have now been placed on a new list by the Netherlands, which appears to take a harsher view than the EU.
No surprise there then. As I've explained, time and again, Jersey is on an EU greylist, and subject to continuing review. it is not in the clear as yet with regard to blacklisting by the Commission. And, in my opinion, its attempts to avoid blacklisting will fail because the reality is that in December 2017 Jersey admitted that it collected information on fewer than 15% of the companies registered in the island and the claim that it can now collect data on all of them for the purposes of proving economic substance does, itself, lack all the substance of credibility.
However, it's also fair to point out that the Netherlands is acting hypocritically as well. As I have argued since 2006, when I was one of the first to do so, the Netherlands is itself a tax haven, and remains one despite reforms the taken place since then. If its list, and that of the EU, was to be really effective it should be blacklisting itself.
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Jersey has a fully compliant rating from the OECD in tax transparency so it only shows the Netherlands are blinkered.
Nobody seems concerned anyway. Business is booming.
Pure Jersey!
Heads in the sand and grovel for the cash
Jersey has been moving from strength to strength for the past 3 decades Richard.
It is a shame you envy the success of our Finance Industry but let’s face it, there is nothing you can do to stop it.
That’s really quite funny given the role I had in forcing change re the EU Code of Conduct on Business Taxation and on other issues
But keep dreaming – you’ll have a nasty awakening one day
Richard you told us that by 2015 Jersey would be bust.
So I don’t think your predictions of gloom are anything for us to be troubled with!
They just had a massive black hole instead
What a very nasty exchange. Tells you all you need to know. Keep going, Richard – I have no desire for my assets to be ‘managed’ by someone like this.
A black-hole brought on by future spending projects but recognised and planned for.
At the end of the day Jersey has cash reserves and property holdings in the £ Billions.
So your forecasts of gloom and pending crisis are foolhardy to put it politely.
Happy New Year Richard.
I think you will find it has not got such assets – and the way it avoided a black hole was by revaluing its pension liabilities when the market rose
That’s going to be fun when they decline – as they now are
Im from Jersey – im fed up with the corruption in our island that the Finance Industry brings and protects.
Our Island has become the biggest Den Of Iniquity …and its all down to the Finance Industry and those who feed off it …..at the cost of their fellow islanders who choose not to work for these firms who hide dodgy funds/trusts.
I fear its getting worse – I think that many of the City Of London’s firms will be moving their operations over here now and in years to come .
We have no human rights here , We have lawyers over here who do all they can to protect the city rather than their clients or the island .
]
There are so many people like James over here – they either dont care about their fellow islanders as they are not from here , or are just too blinded by an “us and them” mindset …almost like a grandiose mindset …pirates sailing the seas under permission of the crown.
Thanks
There’s a boat in the morning Lisa.
Nobody holds people down in Jersey.
Richard like I said business is booming and as soon as one door closes another springs open.
We have a magnificent Finance Centre with 1st Class office space.
Sure the Island listens to you with your weary forecasts that are forever wrong.
This is why we have all time record employment.
The classic reply
There’s a boat in the morning
Such a tolerant society
@James
What about all those who actually call Jersey home?
Aye, there are boats off the island and no-one is forced to remain, but is that actually your response to an upset local? You can’t just buy family and (genuine) friends and those without significant capital cannot just up sticks and leave on a whim. I could go on but I think you get the gist
The flaws of a “free” market – your response speaks volumes more than you possibly want it to.
Dutch Sandwich Holland to Jersey and back again..
I have worked in Jersey for almost 8 year and the potential to make money in the Finance Industry is incredible. It’s a Jersey Money Cow.
And you are willing to0 crow about it?
Really?
You have no shame?
No and why should I?
It’s a service for which I am qualified in.
If I wanted to be a killjoy and preach against the Finance Industry like you seem to do then I would have joined the Clergy.
At least you recognise that there is a moral constraint
As a resident born and bred I have shared in the prosperity of the island largely a result of financial services. It is a fantastic place to live and bring up your children.There are many ways us “locals” are protected vrs the influx of those moving to the island. I say to those who wish for the Island to revert to a reduction in financial services is be careful what you wish for. I don’t like Jame’s “crowing” but take it from me the vast majority of “islanders” are happy with their lot.
But I really think you are not what you claim to be
The email address you supply really does not look to be credible
There’s a boat in the morning….. SORRY….. the Manx had that phrase first !
A noted murder detective colleague returned from Jersey unsure they had a police force there. These tax havens are at the head of series of squalid events of exploitation. They can only be defended in dirty-hands philosophy. Sadly, this is usually enough.
I fully endorse Delia’s comments which applies equally to Guernsey. (note also my e-mail address).
At least you acknowledge the hypocrisy of The Dutch ‘blacklisting’ Gsy/IOM/Jsy.
Certainly there are lots of ‘loads a money’ types like James but that’s the case in any finance centre esp London!
As ever Richard you rapidly turn nasty and sneer at posters who do not slavishly subscribe to your world-view.
So I am intolerant of freeloaders?
I can live with that failing on my own part
So in your intolerant world the ordinary Jersey/ Guernsey/IOM man/ woman like Delia is a free loader – the nurse, the shop assistant, the policeman the bank clerk et al.
Like so much of the hard left you despise the ordinary working class.
Now that is a failing you need to address!
Those willingly living off and endorsing tax haven abuse are freeloading, yes: I am happy to say that
Richard
It is in the public domain that you made a lot of money by using a transfer pricing loophole using The low tax rates in Ireland at the time. When you had your epiphany did you pay back any of these monies as a goodwill gesture.
Also do self governing jurisdictions not have right to choose the level of tax it charges? And equally isn t the fault of places such as Holland that their own tax legislation allows monies to be moved to lower tax jurisdictions?
There are some massive assumptions there
You assume I owned stakes in the companies involved
I did not, and refused offers of them
My directorships were of very limited duration
I resigned on points of principle
And yes a state may choose its tax rate, but not for profits earned elsewhere
Just admit that you despise Jersey’s Finance Industry Richard because let’s be honest, you have a history of grabbing any bit of tittle tattle, even information you know to be biased just to throw some mud at it!
Jersey’s finance industry is parasitical. In economic terms it extracts rather than adds value to society.
It exists to undermine democratically elected governments.
It undermines the rule of law.
And so civilised society.
It is profoundly anti-competitive. It destroys the prospect of fair competition.
It cannot function without secrecy because those who use it are ashamed of the fact.
It has faciliated crime and money laundering.
Developing countries have been deeply harmed by it.
And inequality has been increased.
All to fund greed, including of those who work in the industry.
Tell me, what is there to like about it?
It has literally not a single exonerating feature.
Can you really be surprised that the world at large despises what you do? I just happen to express it more loudly than most.
Given that we have established ( per above Jan 4 6.03) you consider the entire population of CI/IOM as ‘freeloaders’, what do you propose if you achieve your objective of eliminating the finance industry from the crown dependencies / dependent territories? Clearly you do not care for the consequences:
Collapse of local economies.
Massive unemployment
house price collapse
?
You know full well that ( but refuse to acknowledge ) that CI/IOM has competent and effective industry oversight ( as those of us on the receiving end can attest) – & better than the UK.
We are not in the 70/80’s anymore – offshore is NOT rife with drug money /dictator’s siphoned off country wealth / oligarch tax evasion ( thats all in London!)
Please remind your readers of your Plan B for CI/IOM.
We all go back to picking tomatoes and spuds??
Big government
I have long advocated transitional funding
And the freeloaders will be goner before it is needed, remember….
But as usual you are loevelling accusations that are not true. I dealt with this one a long time ago
Oh, and if you want to read my Plan B you can read it here http://www.taxresearch.org.uk/Blog/2010/07/04/plan-b-for-jersey/
Again, I beat you to it by years
beat me to it by years??
”Jersey is in a profound mess.” July 2010. 8 1/2 yrs ago !
That profound mess has not materialised has it?
I note you do not try to refute my comment that CI/IOM is well regulated – and before you cast the accusation – the regulator is NOT in thrall to the industry.
So the ordinary population are not freeloaders now as you said earlier? The nurses, plumbers, policemen?
Backpedalling….
I suggest a) you sop making stuff up and b) you stop wasting my time