A NEW corporate rate of tax for businesses in Guernsey must match Jersey’s, according to Confederation of Guernsey Industry chairman Peter Budwin.

In the business group’s finance subcommittee’s response to the consultation paper on a tax strategy replacement for zero-10, Mr Budwin outlined how CGi members viewed a new tax regime.

And just like the Chamber of Commerce and Guernsey International Business Associated before it, the CGi has come out in favour of a territorial system of taxation, but warned against not consulting with Jersey as to what rate both islands should adopt – although what that rate should be is a matter for further discussion to ensure the island stayed competitive, added Mr Budwin (pictured).

‘We strongly feel that cooperation with our prime competitor, Jersey, is absolutely imperative. It is our view that a single Channel Island corporate tax rate is the most logical approach.’

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