THE path has been cleared for the States to approve the shift to a zero-ten corporate tax structure.
Members have overwhelmingly rejected Senator Stuart Syvret’s proposal for a full, transparent inquiry into all the taxation options by 33 votes to 11.
It was the only major obstacle to Finance and Economics gaining approval for their Fiscal Strategy and the fact that it was brushed aside so easily indicates that, by the end of today, the strategy should be approved.
Finance president Senator Terry Le Sueur had urged his colleagues to reject the inquiry describing it as ‘a recipe for paralysis by analysis’.
He warned the House that offshore competitors would seize on the delay to win business from the Island.
He claimed his committee’s strategy was the result of one of the biggest consultation exercises in local history and all the work and research called for by Senator Syvret had already been carried out.
Article posted on 7th July, 2004 - 12.00am
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