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| Guernsey Tax Regime Set For EU Review |
by Ulrika Lomas, Tax-News.com, Brussels
Wednesday, November 02, 2011
The European Union Code of Conduct Group on Business Taxation has resumed its
review of Guernsey's corporate tax regime in order to ascertain whether it contains
any 'harmful' elements.
According to the BBC, Chief Minister Lyndon Trott said that Guernsey had initially
anticipated that the review would occur after the EU Economic and Financial Affairs
Council's (ECOFIN's) November meeting, but said that an early review would nevertheless
provide clarity for investors over the future of the territory's zero-ten tax
regime, under which the majority of companies pay 0% corporate tax.
In October 2009 the three Crown Dependencies (Guernsey, Jersey and the Isle
of Man) were informed by the UK Treasury that the EU Code of Conduct Group on
Business Taxation no longer deemed their zero-ten corporate tax regimes to
be compliant with the ‘spirit’ of the Code, with many EU member
states considering their level of tax competition to be ‘predatory’.
In June 2010, the Code Group announced that it would be conducting a review
to examine the business tax regimes in Jersey and the Isle of Man after identifying
'harmful' elements. Guernsey was permitted to conduct its own review on the
understanding that it too would adapt its regime if necessary upon conclusion
of the review.
An announcement from the Code Group on September 13 affirmed that proposed
amendments to Jersey's and the IOM's tax regimes which entail the abolition
of deemed distribution provisions would bring the two territories' regimes into
line with European standards.
The decision, which must first be adopted by ECOFIN, means that the 'zero-ten'
tax regimes in place in the three territories would continue to be internationally
accepted.
Prior to the latest announcement, Guernsey had been considering a territorial
tax regime with a headline rate of 10%, with various exemptions. However, according
to the island's Chief Minister, these proposals will likely be abandoned should
the Code Group's findings be adopted by ECOFIN.
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