Giba supports the island’s stance on ‘harmful’ zero-10

Saturday 19th February 2011, 2:29PM GMT.

Giba chairman Paul Meader

GUERNSEY’S finance sector representative body has backed the island’s position over zero-10.

The Guernsey International Business Association said Guernsey has put itself in a good position to work alongside Jersey and the Isle of Man on reforming the tax regime if it is in the island’s best interests.

Guernsey’s position has been clear for months – the EU believes zero-10 as a whole is harmful and needs to be replaced – and that view has been backed by the UK.

But Jersey and the Isle of Man have been equally clear in their view that it is only the ‘deemed distribution’ element of the tax regime that has been found to be harmful – both announced plans this week to remove that part of the system.