The President of Jersey’s Finance Committee Terry le Sueur is facing increasing opposition to proposals put forward for next year’s budget that will see some taxes rise in order to stave off a mounting government deficit.
Amongst the revenue raising measures expected to be contained in the 2004 budget are taxes on alcohol and tobacco; a levy on the registration of new cars; and a cap on mortgage interest tax relief.
As well as protests from estate agents and car hire companies, Mr le Sueur’s plans are facing hostility from the small businesses sector in general in addition to some members of the States.
However, it seems that certain taxes will inevitably be increased in the years to come if the island puts into practice a proposal for a zero-rate of corporate tax which has been mooted in response to fears that the jurisdiction will become uncompetitive for banking and financial firms, the economic life blood of the Channel Islands, particularly as the jurisdiction is compelled to comply with the EU Savings Tax Directive.
Earlier this year, Deputy Gerald Voisin warned that Jersey will almost certainly have to eliminate corporate tax to keep "business in the Island that is currently held under exempt company and international business company regimes".
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