"JERSEY'S EVENING PROPAGANDA"
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Friday, 8 July 2011
"It's All Hurdles In The Ozouf Party"
Zero-ten tax clears another hurdle
Treasury Minister Philip Ozouf
STATES Members bowed to pressure yesterday from Europe and scrapped a controversial element of the zero-ten tax regime which Brussels officials said was harmful.
They voted to amend the Income Tax Law to remove a provision which meant that investors in Jersey companies paid tax on company profits, but non-resident shareholders did not.
As a result of the scrapping of the so-called deemed distribution provision, the Island will lose an estimated £10 million in tax revenue.
The proposition was tabled by Treasury Minister Philip Ozouf, who said that he was confident the amended law would find support in Europe.