 |
|
|
 |
|
| |
|
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures. |
| TreatyPro: Online
tax treaty resource. |
|
|
| Shakeup May Involve Tax Increases, Warns Jersey |
by Amanda Banks, Tax-News.com, London
Friday, February 05, 2010
The Jersey government has warned that tax increases will likely be
an inevitable feature of government proposals to save GBP50m each year, starting
in 2011.
In a statement released on February 1, the government outlined the process
that ministers will undertake to come to a decision on measures to guard the
island against further deterioration in state finances.
The review will comprise of two main stages. The first major part of the process
will be the Comprehensive Spending Review (CSR), which will look to find savings
in government expenditure and public services, under which all State services
will be required to find savings. The CSR will analyse all areas of States
spending to find ways to save money, to evaluate the implications of any proposed
savings and to target improvements.
Those conducting the reviews will be tasked with finding savings of GBP50m
from the 2011-2013 business plans. Some of these savings will be used to create
a contingency fund for unforeseen expenses, to fund any changes needed to make
savings and to fund some growth in essential services. Targeting this level
of savings will break the historical cycle of annual spending increases above
previous forecasts.
After the review on spending has been conducted - identifying all the efficiency
savings possible – there will be a political decision on how much retrenchment
is to be implemented with the remainder of the savings to be found through increases
in taxation.
Despite assurances given by the Jersey government in the run up to Jersey Finance
Minister, Phillip Ozouf’s maiden budget, that taxes would not be increased
on financial services the government may be left with few options in its second
budget.
The government has a number of options: among them, it could again increase
indirect taxation, as seen in the December budget; reverse its moratorium on
fees on the financial services sector, which was introduced for 2010; or generate
extra revenue by revising its zero-ten corporate tax regime, as has been necessitated
by the ECOFIN Code of Conduct group.
.
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
LAWANDTAX-NEWS.COM
