Zero-10’s zero future is zero surprise

Wednesday 9th February 2011, 2:29PM GMT.

NEWS that senior figures in Europe have reaffirmed previous rulings against zero-10 came as no surprise to a Guernsey tax expert.

Ernst & Young partner Graham Parrott (pictured) said Jersey was left with two options following confirmation that a high-level European working group had ruled against the regime.

The latest ruling follows a similar decision by the EU Code of Conduct Group on Business Taxation, which said zero-10 was harmful, and HM Treasury at the end of last year telling Jersey to reform its corporate tax regime.

‘Jersey has been told that zero-10 is not acceptable, but it has chosen to focus on the deemed distribution part of it. It believes that this is the part the code group does not like,’ Mr Parrott said.

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1
Stephen John

February 9, 2011 at 4:19 pm

Can’t recall this tax expert saying this when Zero 10 was being proposed.

What I can recall is posters here saying the same as the EU working group.

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2
David

February 9, 2011 at 6:30 pm

Stephen
That’s because Graham Parrott is commenting that he’s not surprised that the previous rulings AGAINST zero-10 have been reaffirmed.
There were no rulings against zero-10 when it was originally proposed. It was accepted by the EU and was supported by the UK at that particular time, Why would anyone have had any reason to question it at hat time when it was acceptable to the EU and the UK?

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