|
Goods & Services Tax (GST) was introduced into Jersey in May 2008 at 3%. It is similar to the European Union’s VAT system, requiring re-calculation and payments to the tax authorities at each transaction point in the onward sales chain.
Click here if you would like free guidance on GST compliance in Jersey
Requirement to register for GST in jersey
For foreign companies making taxable supplies in Jersey, there may be a statutory obligation to register for GST. Once registered, non-resident traders must comply with local filing rules, (see Jersey GST Compliance section below).
Typical situations requiring a GST registration in Jersey include:
- Where goods are delivered within Jersey;
- If the foreign trader imports goods into Jersey;
- Export of goods from Jersey;
- Supply of services where the place of supply is Jersey
jersey registration threshold
There is an annual GST registration threshold of £300k (approx €340k) per annum. It is not compulsory to register if your annual sales turnover is below this amount; however it is possible to apply for a voluntary registration.
Jersey GST compliance
There are detailed rules controlling the recording and processing of transactions taking place in Jersey. These include guidelines on:
- Jersey invoice requirements;
- Foreign currency reporting and translation;
- Credit notes and corrections; and
- What accounting records must be maintained.
jersey gst rates
The standard rate of GST in Jersey is 3%. There is also a zero rate on certain supplies including: export sales; international transports services; housing; medical prescriptions; and other. Certain supplies are exempt from GST including: postal services; medical supplies; supplies by charities; and other.
Click here to read about the planned 2% GST increase to 5% in June 2011
There are many variations to the rate above. Please contact us to learn more:
enquiries@tmf-vat.com
jersey GST returns
Periodic GST returns must be submitted by all companies with a Jersey GST number, detailing all taxable supplies (sales) and inputs (costs). Generally, returns are submitted quarterly in Jersey, and are due one calendar month after the period end.
Payments of any associated GST liability must be paid by the return deadline. In the case of a tax credit (where the GST incurred by the company exceeds the GST charged on its sales in the reporting period), approved credits are carried forward to be netted off against future payments. In the case where two consecutive returns are in a credit position, the company has the option to request a credit payment.
How TMF can help in jersey
TMF can help ensure non-resident companies are fully compliant for GST in Jersey, and are able to keep any cash flow impact to a minimum. TMF has offices in Jersey as well as 35 other offices in Europe and 87 worldwide.
For enquiries about our international VAT and GST services, please contact our UK global co-ordination centre:
enquiries@tmf-vat.com
+44 (0)870 067 8881
|
European Vat 