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Millions in unexpected additional revenue generated from changes to GST on imported goods should be used to support investment in Jersey's high street, the island's leading business body has said.
It was originally predicted that a drop in the island's 'de minimis' level last year – the threshold at which GST is charged on goods bought outside of the island – would net the Government around £1.1m annually.
However, as Express reported yesterday, the new rules have added at least £4m to public coffers since July 2023.
Chamber of Commerce CEO Murray Norton suggested that the "windfall" could be invested in local businesses and "making St Helier more attractive for shoppers".
Mr Norton said the changes had been "as much misunderstood as controversial" at the time, but that the revenue could "support investment [in] local shopping and our local retail sector".
Pictured: Chamber of Commerce CEO Murray Norton said that the revenue "could support investment local shopping and our local retail sector".
He continued: "Chamber spent many hours discussing the merits of levelling the playing field slightly, by ensuring the biggest off-island online retailers collected 5% GST, as a matter of fairness to local retailers who had to do the same."
Mr Norton added: "It was never intended to reduce online shopping, but more of about fairness and income to Jersey.
"Our maths indicated that the income which would come back to Jersey would be way higher that the government was estimating, not being perceived of much income, was one of the reasons they delayed its implementation.
"It is something of another windfall for the government and it would be good to see that ‘unexpected’ revenue used to support greater investment in our local retailers and invested in making St Helier more attractive for shoppers."
Online retailer GST estimated to bring in extra £1.1m a year
23 online retailers registered for GST this year – but names are confidential
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