Welcome for retention of zero-ten

Thursday 17th February 2011, 3:00PM GMT.

Tax director Rob Brown

THE decision to scrap ‘deemed distribution’ to maintain the Island’s zero and ten per cent company tax rates has been welcomed by the finance industry.

The news has been hailed as a signal of stability that provides future certainty on tax policy.

The tax director of accountancy practice BDO Alto, Rob Brown, said the fact that the zero and ten per cent rates will stay ‘will be good for international business’ where ‘certainty over the tax treatment of profits is key’.

However, a warning has been issued by another tax expert, John Riva of KPMG, that new rules will have to be introduced to stop people avoiding paying tax on benefits accrued from company profits.

Chief Minister Terry Le Sueur told the States on Tuesday that a decision had been taken to remove the deemed distribution and full attribution provisions of the business tax package.

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1
Real Truthseeker

February 17, 2011 at 4:32 pm

zero ten to stay….

I am still picking myself up from the floor when Adrian comes out and says it isn’t.

What a goose him and his like have been made to look!

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2
Adrian

February 17, 2011 at 11:23 pm

When you end up under a pile of brussel sprouts don’t blame me.

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