EU accepts Jersey’s new zero-10 plan
Thursday 15th September 2011, 2:29PM BST.
Jersey chief minister Terry Le Sueur, left, with Guernsey's CM Lyndon Trott at a recent working breakfast meeting. (Picture by Rob Currie)
THE EU’s acceptance of Jersey’s proposals to amend its zero-10 tax regime significantly reduces the likelihood that Guernsey will have to make substantial changes to its system, says the chief minister.
But Deputy Lyndon Trott said the States would not announce its next move until all the EU Code of Conduct reviews were completed.
The acceptance of the Jersey and Isle of Man proposals still has to be ratified by European finance ministers in December and the Code Group is still assessing Gibraltar’s territorial system.
Jersey’s chief minister Terry Le Sueur said yesterday that its rollback proposition had been accepted by the EU. The proposal removes the deemed distribution element, which was considered harmful.
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Funny, I was sure that a certain Guernsey Minister had said that 0/10 had served its purpose, but it was now time to move on and now it appears we are back to 0/10.
The last States meeting on this subject approved moving Corporation Tax up to possibly 10%. Since that meeting Guernsey has been sitting on the fence, frightened to make a decision until the result of the EU Code of Conduct inquiry into Jersey & The Isle of Man had been concluded. This appears to have happened in favour of Jersey and the Isle of Man.
Suddenly we are once again jumping on their band wagon and 0/10 is back on the agenda. The finance industry can’t have a clue where it stands and must remain in limbo until someone makes a clear concise decision. I don’t think our current government is capable of doing that.
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They have excepted Jersey’s , Guernsey had a closed book policy and may of bummed.
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