IoD: Tax changes are the ‘best way forward

Wednesday 18th February 2004, 12:00AM GMT.

THE tax changes proposed by the Finance and Economics Committee are ‘probably the best way forward’, says the Jersey branch of the Institute of Directors.

But they are disappointed by the lack of detail provided in the proposal documents, particularly in relation to the impact of sales tax and a zero corporate tax rate on businesses already in the Island.The main measures are: a five per cent tax on goods and services, from 2007; the phasing out of tax allowances for households earning over £80,000 per annum; a PAYE system for all; relaxation of immigration rules to boost economic growth; and a clampdown on States spending.IoD chairman Charles Clarke said: ‘Virtually everything proposed has been in circulation for some time now and we’ve got to get on with the specifics.

At the moment it’s all theoretical.’

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