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Jersey Announces Coronavirus Support Measures For Businesses

by Jason Gorringe, Lowtax.net, London
20 March, 2020

The Jersey Government has announced a series of measures designed to mitigate the impact of the coronavirus on the island's economy.

Among the measures announced was a deferral of goods and services tax payments, although no further details were provided.

The Government will also defer the payment of social security contributions. It will consider payment deferrals where the Government is a landlord to a local business.

Lyndon Farnham, Jersey's Minister for Economic Development, Tourism, Sport, and Culture, said: "We have a robust economy and secure public finances. Coronavirus will have a significant impact on our economy, but it will only be temporary.

"In addition to the steps above, the Minister for External Relations and his team have reconfirmed support from the local banking sector for Islanders and businesses. The public should expect to see messages from local banks in the next few days outlining their specific measures of support. We want to encourage early dialogue between banks and their customers, and would hope to see practical solutions offered, including the possibility of enhanced overdraft and loan availability, and capital repayment holidays."

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