Tax income from mining companies and hedge funds
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WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY M.R. HIGGINS OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 11TH OCTOBER 2016
Question
With regard to States income, will the Minister provide details of:
- the number of mining companies operating from the Island since 2008 to date, and the total amount which they have generated in taxation each year; and
- the number of hedge funds operating in the Island each year since 2008 with details of the total amount of taxation they have generated each year?
Answer
The Taxes Office does not currently identify either mining companies or hedge funds as separate trade classes for statistical purposes; and is unable therefore to extract the information requested from its computer systems.
The trade-classification system used in the Taxes Office is currently being reviewed with a view to improving statistical and information systems – as part of the planned renewal of the Taxes Office computer systems (for which we have recently invited tenders). This will most likely involve classifying all entities with a Jersey tax reporting obligation by reference to the standard industrial classification (SIC) codes from 2007. This will ensure a consistent approach to trade classification across the States of Jersey.