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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.

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