And the new zero-ten system will see the introduction of a £500 charge per employee that will raise about £5m from non-resident companies who will not pay tax in Jersey under the new system.
It is proposed that non-finance companies pay 0% tax while finance companies pay 10% under the new system in order to comply with EU tax rules.
The consultation document is possibly the most important ever produced by the Treasury, as it will shape the fiscal future and the attractiveness of the Island as a finance centre.
The document is to be submitted to the UK Treasury at the end of this month.
They in turn will submit the proposals to the EU Code of Conduct group on business taxation.
The proposals were unveiled today by Treasury Minister Terry Le Sueur.
He said that he did not expect the UK or EU to deem the package ‘unattractive or unacceptable’.
Those who argued that the proposals would not comply should soon be silenced.The new measures also include extending the current rules to tax all property development gains, including rents and premiums.