Editing Jersey (section)

=== Taxation ===
{{See also|Economy of Jersey#Taxation|Financial services in Jersey#'Tax haven' status}}
Jersey is not a tax-free jurisdiction. Taxes are levied on properties (known as 'rates') and there are taxes on [[Income tax|personal income]], [[Corporate tax|corporate income]] and [[Sales tax|goods and services]].<ref name="Gov Jersey-2021">{{Cite web |title=Moving to Jersey: Money and tax |url=https://www.gov.je/LifeEvents/MovingToJersey/LivingInJersey/Pages/MoneyTax.aspx |access-date=12 February 2021 |website=[[Government of Jersey]] |archive-date=14 January 2021 |archive-url=https://web.archive.org/web/20210114225016/https://www.gov.je/LifeEvents/MovingToJersey/LivingInJersey/Pages/MoneyTax.aspx |url-status=live }}</ref> Before 2008, Jersey had no value-added tax (VAT). Many companies, such as [[Amazon (company)|Amazon]] and Play.com, took advantage of this and a loophole in European law, known as [[low-value consignment relief]], to establish a tax-free fulfilment industry from Jersey.<ref name="jerseyeveningpost.com">{{Cite web |title=EU to close LVCR loophole completely |url=https://jerseyeveningpost.com/news/2015/06/29/eu-to-close-lvcr-loophole-completely/ |access-date=12 January 2021 |website=jerseyeveningpost.com |language=en |archive-date=14 January 2021 |archive-url=https://web.archive.org/web/20210114080140/https://jerseyeveningpost.com/news/2015/06/29/eu-to-close-lvcr-loophole-completely/ |url-status=dead}}</ref> This loophole was closed by the European Union in 2012, resulting in the loss of hundreds of jobs.<ref name="jerseyeveningpost.com" />

There is a 20% standard rate for Income Tax and a 5% standard rate for GST. The island has a 0% default tax rate for corporations; however, higher rates apply to financial services, utility companies and large corporate retailers.<ref name="Gov Jersey-2021" /> Jersey is considered to be a [[tax haven]]. Until March 2019 the island was on the [[European Union tax haven blacklist|EU tax haven blacklist]], but it no longer features on it.<ref>{{Cite web |title=Taxation: EU list of non-cooperative jurisdictions |url=https://www.consilium.europa.eu/en/policies/eu-list-of-non-cooperative-jurisdictions/ |access-date=6 May 2021 |website=www.consilium.europa.eu |language=en |archive-date=6 May 2021 |archive-url=https://web.archive.org/web/20210506140816/https://www.consilium.europa.eu/en/policies/eu-list-of-non-cooperative-jurisdictions/ |url-status=live }}</ref> In January 2021, the chair of the EU Tax Matters Subcommittee, [[Paul Tang (politician)|Paul Tang]], criticised the list for not including such "renowned tax havens" as Jersey.<ref>{{Cite web |author=Bailiwick Express |title=WATCH: Jersey in EU's sights in plan to tighten tax haven 'blacklist' |url=https://www.bailiwickexpress.com/jsy/news/jersey-eus-sights-plan-tighten-tax-haven-blacklist/ |access-date=6 May 2021 |website=Bailiwick Express |date=25 January 2021 |language=en |archive-date=6 May 2021 |archive-url=https://web.archive.org/web/20210506003818/https://www.bailiwickexpress.com/jsy/news/jersey-eus-sights-plan-tighten-tax-haven-blacklist/ |url-status=live }}</ref> In 2020, [[Tax Justice Network|Tax Justice]] ranked Jersey as the 16th on the [[Financial Secrecy Index]], below larger countries such as the UK, but still placing it at the lower end of the 'extreme danger zone' for offshore secrecy'. The island accounts of 0.46% of the global offshore finance market, making it a small player in the total market.<ref>{{Cite web |title=View 2020 results |url=https://fsi.taxjustice.net/en/introduction/fsi-2018-results |access-date=6 May 2021 |website=fsi.taxjustice.net |archive-date=2 May 2021 |archive-url=https://web.archive.org/web/20210502144219/https://fsi.taxjustice.net/en/introduction/fsi-2018-results |url-status=live }}</ref> In 2020, the Corporate Tax Haven Index ranked Jersey eighth for 2021, with a haven score (a measure of the jurisdiction's systems to be used for corporate tax abuse) of 100 out of 100; however, the island only has 0.51% on the Global Scale Weight ranking.<ref>{{Cite web |title=Corporate Tax Haven Index 2021 |url=https://cthi.taxjustice.net/en/ |access-date=6 May 2021 |website=cthi.taxjustice.net |archive-date=6 May 2021 |archive-url=https://web.archive.org/web/20210506003819/https://cthi.taxjustice.net/en/ |url-status=live }}</ref>