Senator Philip Ozouf said Jersey already made a lot of money from corporate tax but increasing the bands would not be possible because of code of conduct limitations.
Senator Ozouf was answering a question in the States this week from Deputy Richard Rondel, who asked whether Jersey was going to mirror the Isle of Man in raising tax rates for the largest UK retailers.
‘Treasury has already published a report on the matter of taxing non-locally owned non-financial services companies,’ he said. ‘The report included an of assessment of extending the scope of the 10 per cent band but found that doing so could result in Jersey’s zero ten regime falling foul of the EU code of conduct for a number of reasons.’
