Vertex CyberTax News

Jersey Juices Economy with Goods and Service Tax

Jersey will introduce a goods and services tax on May 1, 2008. The standard rate will be 3% and the Finance Minister has committed not to raise the rate for the first three years after introduction.

Entities with a place of business in Jersey with taxable supplies exceeding 300,000 British Pounds per year will be required to register and charge VAT on supplies to Jersey customers. Voluntary registration will be available to businesses that do not meet the registration threshold.

Most domestic supplies will be standard rated. Some exceptions to the standard rate are exempt financial services and zero rated medicines, medical supplies and exported services. Imported services will be subject to the reverse charge.

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