BOSSES have been urged by the chief minister to take more interest in the zero-10 tax reforms. Deputy Mike Torode has been involved in a series of briefings for business leaders on the latest developments in corporate tax reform. The States will debate the proposals at the end of May.
He said that the response had been good, but he was disappointed that 30% of the people invited had not shown up for the breakfast and after-work seminars.
‘That’s a shame, because it’s your future economic and taxation strategy, not mine, not the States of Guernsey’s,’ he told a Chamber of Commerce lunch meeting.
Deputy Torode said that business leaders, through groups such as Chamber and the Guernsey International Business Association, were kept fully informed and were in regular dialogue with States staff. But he urged individuals to get involved, too. The proposals had been drawn up following extensive consultation and work with industry bodies.
Deputy Torode also admitted that the ordinary working Guernsey person would be hit by the zero-10 changes.
Income tax allowances had been frozen and were very likely to stay so, he said, and those earning above £35,000 a year and the self-employed would make increased Social Security contributions.
Homeowners can also expect to pay much more in taxes on their property. Currently they were way below those in the UK, he added.
The Policy Council is preparing a ‘layman’s guide’ to the impact of the zero-10 changes which should soon be mailed to every household.
‘It is difficult to realise what it will mean to them, but there is still a feeling in the community that we are taking money from them to throw at the finance sector.
‘But 7,500 people work directly in the finance industry and support about 25,000 of the population. A not dissimilar number are indirectly affected by what goes on in finance and, without it, this island would be impoverished.
‘The finance industry has been our saviour thus far and I look on it as collective investment in our future - it is important for the future of our children and our children’s children.’
Article posted on 23rd April, 2007 - 12.00am
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