Tax rises for all

Monday 16th February 2004, 12:00AM GMT.

A TYPE of VAT and bigger bills for higher earners are the central proposals of the Finance and Economics Committee’s new tax strategy, published today.

They are also planning to introduce a form of PAYE and want to have a payroll tax waiting in the wings if their proposals fail to raise sufficient revenue.The overhaul has been forced by EU rule changes that mean that from 2009 the finance industry will have to close a number of the lucrative tax services it offers to rich non-residents.It has been estimated that the Island will lose up to £100m a year as a result.

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