Jersey could tighten the rules on how it governs American companies based in the island for tax.
The treasury said the regulations needed to match the Common Reporting Standard (CRS) – the global standard for the automatic exchange of financial account information, which aims to prevent cross-border tax evasion.
Ian Gorst, the Minister for External Relations, proposed an amendment, external to the current taxation regulations to “ensure adequate powers” existed to ensure compliance of financial institutions.
He said the amendment would ensure American companies based in Jersey that did not have any business or premises in the island were complying with the regulations.
The government said an international inspection would take place and would be debated by the states from July.
Finance ministers from leading rich and developing nations agreed Friday to strive toward effectively taxing the super-rich, a joint ministerial declaration said. “With full respect to tax sovereignty,
Malta’s tax system, often labeled as a haven for foreign shareholders, has resulted in the wipeout of a staggering €1.3 billion in foreign tax revenue in 2022, which amounts to almost 8% of GDP.
Britain’s ultra-rich non-doms are urging the government to introduce an Italian-style flat-tax regime to prevent a wealth exodus, as their preferential status comes under threat in the upcoming budget.
The world’s 3,000 billionaires should pay a minimum 2% tax on their fast-growing wealth to raise £250bn a year for the global fight against poverty, inequality and global heating, ministers from