Jersey regulator, the Jersey Financial Services Commission, is proposing a 3.6 percent inflation rate increase in investment business fees (including application fees) for 2018/19.
Investment employee fee bands will remain the same as in past years.
Although fees are increasing by only the inflation rate, the Commission has clarified that the fee amount payable by any particular firm may increase by more or less than inflation if, for example, its investment employee numbers have changed year-on-year.
The due date for payment of annual fees is May 31, 2018, if the firm is already registered on May 1, 2018, and otherwise at the date an application is granted.
If the annual fee is not received by the Commission by the due date, an additional late-payment fee of five percent of the unpaid principal amount will be applied on the day after the due date, and on the 1st day of each calendar month thereafter.
If a firm does not supply the required information to calculate its annual fee by the due date, an administration fee of GBP200 (USD279) will be charged the day after the due date, and on the first day of each subsequent calendar month while the information is outstanding. This is in addition to the late-payment fee.
Interested parties have until March 30, 2018, to comment on the proposed fee increase.
By Courtesy of Lowtax.net