Disclosure to the Tax Office of Foreign Incorporated Companies Managed & Controlled from Jersey

From 3 June, 2008 all agents/service providers should advise the Income Tax Office on a case by case basis of the existence of a foreign company that is first managed and controlled in Jersey on or after that date if:-

a) The company will pay tax in the island if liable under the schedule A provisions or is a financial services company that has a permanent establishment in Jersey or;

b) The company has Jersey resident shareholders.

All other foreign companies that first become managed and controlled in Jersey after that date will still be required to file an annual Tax Return but it is proposed, to ease administrative and operational burdens at Income Tax and at the agent/service provider, that the responsibility to do so will be placed on the agent/service provider itself. The agent/service provider should send in to the Tax Office one list of all such companies once a year providing basic details of the company. Agents/service providers will be requested before the end of the year to make themselves known to this Office in order that this new return can be sent to them. It is intended that the list itself will be able to be made in a simple electronic format compatible with income tax systems. It is not necessary to advise the Tax Office of the presence of these companies on an individual basis.