The Island's fledgling cannabis industry is yet to generate substantial tax revenue due to "high upfront costs", the Treasury Minister has said. Deputy Elaine Millar outlined the challenges faced by the new and developing cannabis sector and defended the current tax framework in response to questions from Deputy Philip Ozouf in the Chamber this week.
She said: "The government and Revenue Jersey are monitoring this nascent industry closely to ensure that tax treatment of its profits and gains remains appropriate."
Deputy Millar continued: "In line with this, fewer than 12 companies who identified they received income in 2022 as a licensed cannabis cultivator had a positive tax liability for that year.
"As a matter of policy, the controller will not specify numbers of taxpayers below 12, nor the amounts payable at this stage to avoid inadvertent breaches of taxpayer confidentiality.
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