THE impact of the zero-10 tax strategy should be minimal, claimed Guernsey Investment Funds Association chairman Mike de Haaff. He has followed its introduction carefully and believes too much has been made of it and how it will change Guernsey’s economy.
‘Zero-10 will not have a major impact on us. This is just us lining up our position with other jurisdictions so we can take better advantage of opportunities that come our way in the finance sector. In that regard, it will help us.
‘I don’t see signs that business is going to be any worse than last year.
‘I believe zero-10 has already attracted more business to Guernsey and I expect another busy year. I can’t see there being any reduction in the introduction of new products.’
Public Services minister Bill Bell has already said he feels the same way after revealing that a record 2,000 companies had been formed in the island up to the end of November.
In addition, Guernsey International Business Association chairman Steve Le Page said that while zero-10 still had to be treated with some caution, the deputies who had been voicing concerns should be ready to move on.
‘There is some uncertainty because not all the detail is clear yet, but that’s more of a concern to the non-financial services. Much of that is around how taxation of deemed distributions is going to work.
‘For financial services, I don’t think there is any real concern apart from the deputies who still think it’s not the way to go even though the finance sector has told them time and again that it is.’
Article posted on 7th January, 2008 - 12.00am
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