Goods and Services Tax (Jersey) Law 200- Amendments.

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A decision made (05/04/2007) regarding: Goods and Services Tax (Jersey) Law 200- Amendments.

Subject:	Goods and Services Tax (Jersey) Law 200- Amendments
Decision Reference:	MD-TR-2007-0042	Exempt clause(s):		N/A
Type of Report: (oral or written)	Written	Person Giving Report (if oral):		N/A
Telephone or e-mail Meeting?	N/A	Report File ref:		SL/2/11/04/07
Written Report – Title	Goods and Services Tax (Jersey) Law 200- Amendments	Written report - author		Steve Lowthorpe – Director, GST
Decision(s): The Minister agreed to direct the Director, GST to instruct the Law Draftsman to make the following amendments to the Goods and Services Tax (Jersey) Law 200- and to lodge these amendments au Greffe: To replace the term Finance Vehicle with International Services Entities (ISE) as being a closer reflection of the reality of the Finance Industry. To remove any uncertainty regarding the status and treatment of Finance Vehicles / ISE under Part 12 (they are not within the definition of “taxable person”). To withdraw the partial refund scheme for banks on the basis that banks will be eligible for inclusion as an ISE under the flat rate scheme proposed under Articles 57 to 60.
Reason(s) for decision: Following submissions from Jersey Finance Limited, as summarised in the attached Report, the Minister is recommended to direct the Director, GST to instruct the Law Draftsman to make the appropriate amendments to the Goods and Services Tax (Jersey) Law 200- and lodge
Action required: Officers to instruct the Law Draftsman to make the appropriate amendments and to lodge these revisions to the Goods and Services Tax (Jersey) Law 200- au Greffe.
Signature: (Minister/ Assistant Minister)			Date of Decision: 5 April 2007