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Corporate tax review is over as European ministers sign regime

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EUROPEAN ministers have finally signed off Guernsey's corporate tax regime.

EUROPEAN ministers have finally signed off Guernsey's corporate tax regime.

Years of manoeuvring culminated in zero-10 being signed off as meeting European standards just two days before the European Commission issued new guidance on defining tax havens and action that could be taken against them.

'I am pleased to be able to confirm that following the repeal of our deemed distribution regime earlier this year, on Tuesday Ecofin formally endorsed the European Union Code of Conduct Group on Business Tax's assessment that our corporate tax regime is now compliant with the principles of the EU code of conduct on business tax,' said Chief Minister Peter Harwood, pictured.

'This formal endorsement is a very important development.'

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