Friday 24 March 2023
The Policy & Resources Committee is pleased to be able to announce the States Members who will form a new Sub-Committee that will look at options for raising further revenue from the corporate sector, while maintaining Guernsey's competitive position and compliance with international standards. The Committee would also like to thank those Deputies who expressed interest in joining the Sub-Committee.
At the February States Meeting, the States Assembly agreed that a sub-group should be formed that would take forward the work which had already begun on investigating changes to the tax system. The Terms of Reference agreed by the Assembly direct that the group should engage with industry, Jersey and the Isle of Man to develop proposals.
The Policy & Resources Committee's Vice-President and Treasury lead, Deputy Mark Helyar will chair the Sub-Committee, and will be joined by two other States Members and one member from outside the States:
Deputy Lyndon Trott
Deputy Nick Moakes
Mr Andrew Niles
Deputy Helyar said:
"I'm very pleased that we have a Committee of members who have an excellent understanding of our local business environment, especially our largest industry, which I'm sure will give industry leaders a lot of confidence that this will be a professional and well-informed review that will balance the key considerations of how we ensure local businesses can continue to grow and succeed, while helping to raise more revenue to counter the growing shortfall in public finances.
We did some good work on this during the recent Tax Review, with an independent report setting out options and indicating up to £20m more could be raised. But of course, we must move that forward in discussion with industry and with our fellow Crown Dependencies. Maintaining our competitive position and international reputation is paramount."