UK: Pre-Pack Administrations Under Review
The laws on pre-pack administrations are likely to change within a year, following an announcement from Business Minister Edward Davey. There has been some concern that the nature of the pre-pack administrations has allowed for corruption, largely because company directors can sell the assets of a company without consulting the other creditors before a formal insolvency procedure is put in place...
Read MoreJersey Finance to Receive Extra Funding
Jersey Finance welcomes the news that the States of Jersey has agreed to increase its funding of Jersey Finance from £1.8 million this year to £2.2 million for 2011, which will be used to increase promotional efforts in emerging markets. Geoff Cook, Chief Executive of Jersey Finance, commented: “This extra funding from the States of Jersey is vitally important and should be looked upon as an...
Read MoreJersey Finance: Global austerity measures impact second quarter figures
Banking deposits in Jersey fell during the second quarter of 2010, partly as a result of the challenging economic conditions that still prevail in the global markets and totalled £166.9 billion, a 6% decrease compared to the first quarter. The statistics collated and prepared by the Jersey Financial Services Commission for the three month period ending June 30, 2010 also show that funds under...
Read MoreFinance Industry Employees Support Cuts to Public Spending Ahead of Personal Tax Increases
Those working within Jersey’s finance industry would support greater cuts to public spending before increases to personal taxes are considered, according to a Jersey Finance survey. Further to the recent States of Jersey consultation papers on Personal Tax and Government Spending Cuts, Jersey Finance surveyed employees working in the finance industry to gain their views on the Government’s...
Read MoreJersey Finance Survey – Business Tax Review
Senior figures within Jersey’s Finance Industry have outlined their broad support for the jurisdiction’s current business tax regime and urged caution about the repercussions of making significant changes to it. Further to the recent States of Jersey consultation paper on Business Tax, Jersey Finance surveyed its member firms to gain their views on the Government’s business tax regime...
Read MoreStatement in response to TIEA with South Africa
Jersey Finance has welcomed the future signing of a Tax Information Exchange Agreement (TIEA) with South Africa. The purpose of such agreements is to provide for exchange of information which is of a substantive nature. Experience to date has involved disclosure in a number of cases where a robust proving process is satisfied before information is released to home tax authorities. The principal...
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