Guernsey’s Chief Minister Lyndon Trott in his address to the state’s parliament also known as State of Deliberation has expressed his continued support for the island’s zero-ten tax regime. He will not waver even after European Union’s review of the island’s tax regime, Mr. Trott assured.
In his speech, Mr. Lyndon Trott has said: “As I have made very clear throughout the course of the last two years, Guernsey will not undermine its economy through any revisions to its regime, nor by the timing of those revisions. To that end I make it very clear again that front and centre of the review is ensuring that Guernsey’s corporate tax regime preserves our international competitiveness. Thus it is very important to be clear once again that the zero product for the clients of Guernsey’s business is paramount and will be retained irrespective of the outcome of the review.”
These thoughts were vocalized in the light of the recent events when EU Group of Conduct on Business Taxation made its preliminary decision concerning the taxation regimes of Isle of Man and Jersey to be Code Compliant. That decision is yet to be ratified by Ecoffin, but the Code Group now is set to conclude its review of Guernsey tax regime, which is in many ways similar to the one recently assessed.
In conclusion Chief Minister of the Guernsey State added: “…we believe strongly that it is most important… that any revisions that may be proposed, are not made in haste, particularly those that may affect the States fiscal position.”
Tax.news.com: Guernsey To Retain Zero-Ten (December 2, 2011)
Businesslife.co: Chief Minister’s statement on the Corporate Tax Review (November 30, 2011)