Future of Guernsey as a finance centre seminar

Friday 30 July 2010

Organisers of a breakfast seminar to discuss the future of Guernsey’s corporate tax regime have received a phenomenal response only one day after issuing their invites.

The seminar is now fully booked and all 100 places have been taken up for the joint Chamber of Commerce and Ernst & Young briefing.

Led by Ernst & Young’s Tax Partner, Graham Parrott, he will give an insight into the public consultation document and the current system of Zero 10 at a breakfast seminar on Thursday (5 August).

Released back in June, the consultation period runs until 27 August and Mr Parrott believes that never has it been so important for local business people to fully understand the technical issues and the business implications, both locally and internationally concerning this document.

The briefing will provide insight into some of the options put forward in the document as well as highlighting other possibilities available to the island.

The objectives of the corporate tax review are that any revised tax regime must meet five key criteria. Namely that any revised regime must: be competitive; be internationally acceptable; sustain Guernsey’s economy; be based on a simple solid rationale; and give rise to reciprocal benefits.

Mr Parrott said; “Guernsey's future as a finance centre is at risk if following the review of the consultation process it does not get its Zero 10 replacement corporate tax regime right.

“It is a very technical topic area, which does not lend itself well to a wide consultation, however the exercise is justified even if only because the outcome is potentially so significant. We should all be taking an interest in the outcome.”