In 2005 Jersey’s government approved a package of major tax reforms that included the introduction of Goods and Services Tax (GST) – a VAT style consumption tax. The task was to design a taxation regime that would be both both fair and effective and which would place the minimum net overall burden on the Jersey community as a whole. The treatment of the Jersey financial services industry under a GST system proved to be one of the biggest technical challenges – how to keep the system simple while protecting the competitiveness of the financial services sector. Personnel from teleologica played a key role in facilitating detailed industry consultations and formulating a design unique to Jersey that met these objectives.
