BUSINESS leaders are urging industry members to do their homework on zero-10 - or get left behind. Changes to Guernsey’s tax regime were outlined at a meeting on Wednesday, which attracted more than 350 people and highlighted what some industry leaders believe is a need for people to be more ‘clued up’ about zero-10.
Guernsey Society of Chartered and Certified Accountants chairman Andre Trebert said some questions raised had been disappointing in terms of the facts that had already been made available.
‘Information is out there already and people who you would think should know what is happening don’t,’ he said.
‘It seems to me that the tax office and Treasury and Resources are trying hard to get people clued up on it, but people have got to make the effort themselves.’
Treasury and Resources minister Lyndon Trott told business leaders that £25m. would be needed in interest from the contingency reserve in 2009 to fill the black hole.
The remaining £55m. would be filled by capping public expenditure, growing ETI receipts and increasing indirect taxation.
Mr Trebert said some who attended the meeting had been confused about the finer details of the new strategy, in particular tax on deemed distributions.
‘It seems to be the case that Treasury and Resources are still trying to sell the system to people,’ he said.
‘I know it’s a case of getting down to the details a bit more and there are a series of workshops that hopefully will educate people as to how the system will affect them.
‘The tax office can only answer questions that are asked and there were one or two on deemed distribution that indicated how little people did know about it.’
Mr Trebert recognised next month’s release of zero-10 legislation would provide some details that are currently lacking.
Confederation of Guernsey Industry Phil Duquemin chairman said the meeting had been informative.
‘I don’t think people can complain that they didn’t have the opportunity to ask particular questions,’ he said.
‘I thought that deputies Lyndon Trott and Stuart Falla and ‘head of income tax’ Ken Forman did a very good job in responding in a very clear and concise way.
‘I think some of the questions were probably better answered at the seminars going on. I think people should go to the seminars if they want a little bit more detail,’ he said.
Mr Duquemin said business leaders had been pleased to have the opportunity to ask questions.
‘I spoke to members afterwards and they were satisfied with the meeting,’ he said.
‘We are just in stage one of the process, which will last from 2008 to 2011-12, so we really are going to have to wait and see what is going to happen over that period.
‘What happens in 2012 might be slightly different and hopefully there won’t be dramatic changes.
‘People who have got questions about deemed distributions should go to the seminars because I am sure it is made very clear.’
* For more information about the zero-10 seminars, contact the GTA University Centre on 721555.
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