Alarm during tax debate

Tuesday 6th July 2004, 12:00AM BST.

SENATOR Stuart Syvret told the States today that they were debating the most important issue of our time.

He was seeking to persuade them to set up a ‘transparent inquiry’ into taxation policy.

If he is successful, Finance and Economics will have to withdraw their fiscal strategy while the inquiry is conducted.

The taxation debate – interrupted by a fire alarm at noon – was expected to continue for the rest of today and possibly tomorrow.

Finance are proposing a move to a corporate tax structure in which businesses pay no tax except for finance-related firms, who will pay 10%.

The result, if approved, would mean new taxes hitting every Islander.

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