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Offshore bank accounts on Guernsey may become more attractive if calls for the island to reduce its tax cap are followed through.
Tax mitigation advisers have told Guernsey authorities that they should consider axing the £250,000 cap so as to make the destination a more attractive destination for wealthy investors, reports the Guernsey Press and Star.
The cap, which was agreed by the US in May this year, is still supported by the Policy Council which feels that any further reduction could lead to revenue losses.
Offshore banking is a major activity on the island and attracts many small businesses for its preferential rates.
The Policy Council will next week tell the US that "no further reduction is justifiable at this time" with a view to reassess the tax cap level in 2010.
New figures from the Office of National Statistics out this week show that company tax receipts have fallen by £576 million. This is a drop to £704 million from £1.28 billion for the same month in the previous year.
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