CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Guernsey To Delay Discussions On New Tax Regime

Guernsey To Delay Discussions On New Tax Regime

by Jason Gorringe, Tax-News.com, London

13 December 2005


The Guernsey government has decided to postpone discussions on the future of the jurisdiction's corporate tax regime whilst policy experts continue to consider responses from the public and businesses to a recent consultation on the matter.

The centrepiece of Guernsey's Future Taxation Strategy is a 'zero/ten' rate of corporate tax, under which Guernsey's businesses and corporate entities will be subject to income tax at 0% from the 2008 tax year.

However, businesses regulated by the Guernsey FSC will be taxed at 10%.

Around 500 responses have been received to a recently-concluded consultation issued by the the Fiscal & Economic Policy Steering Group setting out “a strategy to safeguard the future economic well being of the Island.” Many of these responses contain suggestions on how Guernsey should best make good the estimated GBP48 million shortfall caused by the elimination of corporate tax.

The volume of responses to the consultation means that a debate on the jurisdiction's future tax strategy due to be held in February will be postponed, and a recently commissioned study on the issue is unlikely to be completed before March, according to the BBC.

Deputy Charles Parkinson has also recently voiced concern that the States were not ready to discuss the issue because there was a lack of information available on the economic impact of the tax plans.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »