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<strong>BL</strong> Jersey Jersey and spain sign tax agreement Jersey and Spain signed a tax information exchange agreement (TIEA) at the Spanish Embassy in London on 17 November 2015. For Jersey, the agreement was signed by the Assistant Chief Minister, Senator Philip Ozouf. The tax information exchange agreement will come into force once the parties have completed their respective domestic procedures for ratification. Senator Ozouf said: “We attach great importance to the signing of this TIEA with Spain. While Jersey is not a part of the European Union, we are part of Europe and we have long pursued a good neighbour policy towards the Member States of the EU. It is also further evidence of Jersey’s full commitment to compliance with the current international standards on transparency and exchange of information for tax purposes.” n Pictured L-R: Spain’s Ambassador to the UK, Federico Trillo-Figueroa Martínez- Conde; the Spanish Embassy’s Financial Counsellor, Jose Manuel Gutierrez Delgado; Senator Philip Ozouf S&P reaffirms jersey’s AA+ credit rating Standard & Poor’s (S&P) has reaffirmed its ‘AA+ credit rating, with a stable outlook’ for the States of Jersey. This is one of the best that the credit ratings service awards. In its report, S&P noted: ‘The AA+ ratings on Jersey reflect our view of its mature political and institutional setting, flexible policy environment, wealthy economy and a healthy financial position underpinned by low debt and a high-net general government asset position.’ The report also stated that Jersey ‘has an open and wealthy economy’ and recognised that Jersey’s economy had grown in real terms in 2014, mainly underpinned by strong profits in the financial services sector. Treasury and Resources Minister, Senator Alan MacLean, said: “It is extremely positive news for Jersey that an international credit rating institution such as S&P continues to recognise our strong balance sheet. We have had a full and frank discussion about our fiscal position with them and our future plans have provided the comfort they need to maintain their high rating level. The outlook view remains stable, reflecting their expectation that Jersey’s economy will continue to grow.” The AA+ credit rating was first assigned in November 2013 so that the States could proceed with the £250 million bond earmarked to provide investment in affordable housing over the next 10 years. n population office releases application figures Figures showing the number of applications for registered and licensed staff, and how many were granted or refused by the States of Jersey’s Population Office, were released in late November. This coincided with publication of Guidance Notes outlining how decisions on individual applications are made to support the policies of the States Assembly. The highest number of permissions were in the finance and construction industries, and the highest number of refusals in the hospitality sector. A States of Jersey press release stated: ‘Permissions were granted in all sectors, having considered the benefits to Jersey of individual applications. This is in line with the States’ policy of optimising economic growth by targeting migration which generates most social and economic value.’ The Guidance Notes outline support for seasonal permissions, in particular for the hospitality industry. ‘This is because these workers do not add to the permanent resident population,’ stated the release. The Notes also outline a commitment to improve the time it takes to process an application – from the standard 15 working days to 10 working days – with an aspiration to further improve this target. Figures will be published in the new year showing how the Population Office is performing against these targets. The figures will be published every quarter on www.gov.je. n www.blglobal.co.uk january/february 2016 71
waitrose.com/sthelier Community Matters Every month we give our time and money to local communities. We donate £1000 to be shared by three good causes that you choose. Waitrose St Helier Supporting the community
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BL MAGAZINE ISSUE 42 JANUARY/FEBRUA
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