Guernsey Corporate Tax Document Imminent

by Amanda Banks, Tax-News.com, London

18 June 2010

Guernsey’s Fiscal and Economic Policy Group confirmed on June 18 that it is to publish the public consultation document on the proposed review of Guernsey’s corporate tax regime on June 21, 2010. The announcement follows the States’ resolution of October 2009, Billet XXIX, to investigate a future corporate tax regime for the island should its zero-ten tax regime be deemed non compliant by the EU Code of Conduct Group on Business Taxation.

The government said that since October, the States has engaged positively with the UK Treasury and the EU Code of Conduct Group on Business Taxation in communicating Guernsey’s position. As part of those communications, and in preparation for the publication of the consultation document, the Chief Minister and Treasury Minister, accompanied by officials, met with the Chair of the Code Group.

Deputy Trott, Chief Minister, said: "Our discussions this week were extremely cordial, positive and productive. I am confident that we now have a good understanding of the position and processes of the Code Group."

Deputy Parkinson, Treasury Minister, added: "I share that confidence; clearly our understanding will greatly help us when we consider the results of the public consultation process."

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