The start date for the new tax of three per cent is 1 May, and all businesses with an annual turnover of £300,000 will have to register.
The Income Tax department is carrying out the registration in three phases in order to avoid a bottleneck, starting with firms with the largest turnover.
Businesses with a turnover of less than ?300,000 – estimated to be up to 80 per cent of Jersey businesses – are not required to register, but they can do so if they wish. Those who are not registered will not be permitted to charge customers GST.
From today, all businesses with an annual taxable turnover of ?10 million will be able to register.
