The Corporate Services Scrutiny Panel has published a report following detailed examination of the tax reform changes being put forward by the Minister for Treasury and Resources, Deputy Susie Pinel.
The report highlights that although there will be some benefit to PYB taxpayers, the economy and Government, both in the short and long-term, there are a number of risks caused by the plans and their last-minute amendments.
The Panel shares 25 key findings and makes 21 recommendations in its report. These include a call for greater clarity around the proposals, especially on payment terms, which are yet to be finalised. The Panel has identified that payment terms need to be flexible to reflect individual circumstances. The report aims to ensure that any changes, if adopted by the States Assembly, will be appropriate, fair, clear to understand and not unduly impact public finances or Revenue Jersey resources.
Senator Kristina Moore, Chair of the Panel, comments: “The planned tax reforms would have a significant impact on a large proportion of taxpayers and the Island’s finances as a whole. We’ve carried out this review in a short time scale to meet the Minister’s request to debate the proposition on 3 November. Our recommendations are designed to ensure that the tax reform changes do not negatively impact Government, individual or family finances”
The report follows a six-week review into the proposed changes, which involved public hearings; a detailed analysis of the financial impact of the proposals; and written submissions from members of the public.
Prior Year Basis Tax Reform Review
Report to Corporate Services Scrutiny Panel