The States agreed this week that banks, trusts and financial service providers will pay annual fees ranging from £100 to ?30,000.
In return, companies will be exempt from paying GST on anything they buy in the Island which costs more than ?1,000.
Treasury Minister Terry Le Su-eur said that as most of the business of finance firms dealt with non-Island residents, they did not qualify to pay GST. But as they had a presence in Jersey they should be making a contribution to the States.
