THE government has no plans to increase income tax or introduce new corporate taxes which would harm the “international competitiveness” of Jersey’s finance sector, according to the Treasury Minister.
Deputy Elaine Millar said the Island did not need to follow in the footsteps of the Isle of Man, which recently announced plans to raise income tax by 2% to help fund improvements in public healthcare.
Instead, Deputy Millar said her department would look for “real efficiencies” to manage public sector costs.
Defending healthcare spending, she said: “We have put additional funding into Health for some time, there have been additional budget allocations for Health and Community Services of £19.3 million since 2020.”
Deputy Millar told States Members this week that she was not considering broadening the tax base by introducing measures such as capital taxes on second property sales.
Responding to questions from politicians, she said: “Additional taxes could impact significantly on the international competitiveness of the finance sector.”
