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Bringing more financial firms into tax net is Budget option

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EXTENDING 10% tax to more financial services companies in Guernsey could be on the way soon.

EXTENDING 10% tax to more financial services companies in Guernsey could be on the way soon.

Treasury and Resources minister Gavin St Pier would not be drawn over whether such moves would be included in his first Budget to be presented to the States later this year.

But he accepted that extending the scope of 10% taxation had been widely discussed in various circles, now that zero-10 had been accepted again by the EU Code of Conduct group.

'Earlier this year we committed to rolling back on deemed distribution and that we would look at measures which would need to be taken in order to deal with a resulting shortfall in revenue, which would be part of the normal budgeting process,' said Deputy St Pier, pictured.

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