Tuesday 11 September 2012
At its meeting yesterday, the Code of Conduct Group assessed Guernsey's removal of its deemed distribution regime and agreed, as was the case with the similar moves of Jersey and the Isle of Man, that this has removed the 'harmful effects' of Guernsey's corporate tax regime.
Guernsey's zero/10 regime without deemed distributions can now be considered to be compliant with the Code of Conduct. This assessment is subject to the normal formal ratification by Ecofin at the end of this year.
Deputy Peter Harwood, Chief Minister, commented:
"Obviously this is subject to the standard ratification process but I am pleased that the EU Code Group confirmed yesterday that the repeal of our deemed distribution regime does indeed, as we expected, ensure our corporate tax regime conforms to the EU Code of Conduct".
Ends
Contact information:
Philip Henderson, External Affairs Officer
Tel: 01481 717131
Email: pressroom@gov.gg
