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Income Tax (Amendment No. 41) (Jersey) Law 201- (P.104/2012)

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made 16 November 2012:

Decision Reference:  MD-TR-2012-0101

Decision Summary Title:

Draft Income Tax (Amendment No. 41) (Jersey) Law 201- (P.104/2012): Amendment

Date of Decision Summary:

15 November 2012

Decision Summary Author:

Director of Tax Policy

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Draft Income Tax (Amendment No. 41) (Jersey) Law 201- (P.104/2012): Amendment

Date of Written Report:

15 November 2012

Written Report Author:

Director of Tax Policy

Written Report :

Public or Exempt?

Public

Subject:  Amendment to Draft Income Tax Amendment No. 41.

Decision(s): The Minister approved the Draft Income Tax (Amendment No. 41) (Jersey) Law 201- (P.104/2012): Amendment for lodging “au Greffe”

Reason(s) for Decision:  Following representations received following the lodging ‘au Greffe’ of Draft Income Tax (Amendment No. 41) (Jersey) Law 201- the Minister approved the following proposed changes to the distribution rules contained in Part 2 of that Amendment:

  • creation of a “simplified basis” of taxation of company distributions which can be accessed by taxpayers by way of an election;
  • removal of the repayment of commercial loans to trading companies (or companies in a trading group) from the definition of “distribution”; and
  • a number of small amendments to clarify the rules and ensure that they work as anticipated.

Resource Implications: There are no financial and manpower implications associated with the proposed changes.

Action required:  The Greffier of the States is requested to lodge “au Greffe” the Draft Income Tax (Amendment No. 41) (Jersey) Law 201- (P.104/2012): Amendment on Tuesday 20 November 2012, together with the Report, with a request for debate on 4 December 2012.

Signature:

 

 

 

 

Position: Senator  P F C Ozouf, Minister for Treasury and Resources

 

                 

 

Date Signed:

 

Date of Decision:

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