Euro review will put zero-10 under the microscope
Wednesday 22nd September 2010, 11:30AM BST.
A EUROPEAN review that will help dictate the future of corporate tax in the Channel Islands begins this week.
Jersey will be putting its case for keeping zero-10 directly to key decision-makers in Brussels tomorrow. Both Jersey’s corporate tax regime and the Isle of Man’s are before the EU’s Code of Conduct Group on Business Taxation.
Guernsey will not be there. It made an early announcement that it would move to a general presumption of 10% corporate tax to avoid being reviewed by Europe, which has become hostile to zero-10 since the economic crisis.
It is the first time Jersey will have a direct voice in the discussions with EU finance ministers over corporate tax. Previously, it relied on UK representatives.
But Treasury minister Charles Parkinson (pictured) still expects the regime to be found non-compliant when the group reports its decision in November.
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So we have to wait before we can make any move, why on earth did we rush in once again, not even knowing what the complaints were against us for zero/10. The best thing that could have happened would have been all three jurisdictions, Jersey, The Isle of Man and Guernsey, being involved in the review at the same time and coming out of it with all the knowledge to enable them to make an informed decision.
Who was responsible for jumping in so fast, without being in full possession of the facts ???
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Far better to come up with a sensible tax regime and avoid attention.Guernsey needs the tax income too,this trying to compete is just ruining our economy,its about time Jersey and the Ilse of Man wised up too.Whats the point of being under scrutiny by the EU etc.,and giving yourself a huge deficit.We need to avoid high taxes like the UK with VAT etc,but we need to make sure our tax structure is fair and meets our needs so corporate tax at 10% seems reasonable.
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