Jersey Finance has welcomed the Council of Minister’s proposals to retain the jurisdiction’s personal taxation rate at 20 per cent.

Setting out his budget proposals, Treasury and Resources Minister Senator Philip Ozouf said ministers wanted the States of Jersey Assembly to send out a powerful message that it would maintain the 20 per cent rate, describing it as one of Jersey’s key elements of stability and economic success for more than 60 years.

Geoff Cook, chief executive, Jersey Finance, says: “The Council of Minister’s proposals provide the reassurance and certainty that investors need and will be particularly welcome to those finance professionals that might be considering re-locating to the jurisdiction. There had been some unfounded speculation that the Council was considering increases in personal taxation, but this announcement is quite clear in that regard.

“The retention of the personal tax rate at 20 per cent is included in the Budget proposals for the three year period from 2011 to 2013. The rate has remained unchanged since the beginnings of Jersey’s finance industry.”

The proposals will be debated by the States Assembly on 7 December.