The States Assembly have approved the 2014 Budget and given their backing to a series of measures which come together to get money back into the economy, benefit 40,000 low and middle income taxpayers, create jobs, improve health services and provide more and better housing for Islanders.
These measures include:
• a cut in the marginal rate of tax
• an increase in personal income tax exemptions
• increased allowances for parents with children in higher education
• an extensive capital programme for 2014 that is designed to stimulate the economy, as well as funding plans for the new hospital, housing and liquid waste infrastructure. Work will begin immediately to issue the new Jersey Housing Bond and to accelerate all capital spending.
The successful amendments to the Budget were:
• a reduction to the proposed duties on alcohol and fuel
• the introduction of tax relief on lump sum donations to local charities, which supports the proposed new Charitable Purposes Law.
Prepared for Economic Recovery
Treasury and Resources Minister Senator Philip Ozouf said: “The principles which have guided previous budgets have now proved their worth, allowing us the means now to provide tax cuts and put money back in the pockets of Islanders. We can also take steps towards providing a legacy of essential infrastructure and care for future generations; a new hospital, new housing and investments in our community. This budget allows us to help people to find work, support the development of new sectors and to protect and grow our finance industry.”
“This is a budget we can afford, that benefits everyone and that equips Jersey for the future. It provides significant support to the economy when it is most needed and will help us to lay the foundations for future growth and to compete in on the international stage for new business opportunities.
“We can now look to the future with the confidence that Jersey now has the fiscal stability and certainty that will help us to position Jersey to make the most of the emerging signs of global economic growth.”
Category: Finance & Business