Further analysis on Guernsey's corporate tax system planned

An ongoing tax review in Guernsey will look further at corporate taxation and how it could generate more revenue.

The Policy and Resources Committee said it would "leave no stone unturned" before making its final recommendations for tax changes.

One proposal is for a goods and services tax (GST) to be introduced, along with social security reform to protect low income households.

The States has a forecast shortfall of £85m per year.

The committee said it was engaging with States members, the industry and the wider community on the tax review.

Its current assumption is that an additional £10m per year will come from corporate taxes.

Deputy Mark Helyar, Policy and Resources Committee's treasury lead, said: "I promised last year that we would leave no stone unturned before committing to any final recommendations in relation to tax changes.

"Of course the tax review should also look at corporate income tax and how we tax companies more widely.

"However, it is critical that we don't lose business, and ultimately lose jobs, to other jurisdictions.

"We need to maintain an overall fiscal policy that is competitive while balanced with being fair for the entire population."

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