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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Tax Exemption for International Oil Pollution and Supplementary Funds

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Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 6 January 2015:

Decision Reference:  MD-TR-2015-0001

Decision Summary Title:

Tax Exemption for the International Oil Pollution and Supplementary Funds

Date of Decision Summary:

31 December 2014

Decision Summary Author:

Comptroller of Taxes

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Tax Exemption for the Oil Pollution Compensation and Supplementary Funds

Date of Written Report:

31 December 2014

Written Report Author:

Registrar of Shipping

Written Report :

Public or Exempt?

Public

Subject:

Tax Exemption for the International Oil Pollution and Supplementary Funds

Decision(s):

The Minister approved a tax exemption to apply to the International Oil Pollution Fund and Supplementary Fund in the event that any of the income, assets and property of these funds were to be based in Jersey and therefore to be subject to Jersey Income Tax, GST or Customs Duties.

Reason(s) for Decision:  

The draft Shipping (Oil Pollution) (Liability and Compensation) (Jersey) Law 201- has been under development for some time. Inter alia, it aims to improve the financial funding available to the Island in the event of a major oil spill in Jersey waters or a spill that affects Jersey waters. If approved by the States it will give recognition to these Funds as legal persons and a stipulation of the associated international agreement is that such Funds should be exempt from tax.

 

Before a tax exemption clause is inserted, the Minister for Economic Development wishes to have the approval of the Minister for Treasury and Resources.

Resource Implications:

Because the Funds are not expected to set up a presence in the Island, the measure will have no material effect.  Hence, there are no new financial, property, ICT or staffing issues arising.

Action required:

The Minister for Treasury and Resources is asked to approve the tax exemptions as described in the attached report.

Signature:

 

 

 

Position: Senator A J H Maclean, Minister for Treasury and Resources

                 

 

Date Signed

 

Date of Decision:

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