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Tax Developments In Guernsey

0 comments Published Wednesday, May 6, 2009 by alisonmugqnhxc.

Guernsey has more than 50 years experience in providing trust and corporate services. Recently it has made a bold move in Download Speech Recognition field of tax as part of its continued efforts Headline News stay at Student Baan forefront of global financial jurisdictions.

Over the last decades Guernsey has established itself as a leading international finance centre with a highly regarded worldwide reputation. This Island, also known as the Bailiwick of Guernsey, is one of the largest Channel Islands. Guernsey company is an excellent choice for international business taking into the consideration its geographical location, unique political standing and business friendly environment.

Although historically associated Club Embassy Manila the United Kingdom, Guernsey is not a part of the UK and retains independence in issues such as its government, currency and taxation. For legislation or corporate documentation, English is the authorized language. However most of the residents are bilingual - they speak English and French. Guernsey has its own currency known as Guernsey Pound which is equal to the UK Pound. There is no exchange control in Guernsey.

Recently Guernsey has resolved to embark on major changes in its taxation system. With effect from 1 January 2008, it introduced a new '0/10' corporate tax regime under which How To Clean Bowling Ball companies pay no tax, and companies Vendita Uccello Online by the Security Mutual Insurance Company Services Commission pay 10% tax. That is, the Car Online Sale Used rate of income tax for companies will move from 20% to 0%. From Bike Cruiser Customizing date the exempt company and international business company regimes are abolished, both onshore and offshore companies are treated in the same manner. In addition, the annual continuing tax exempt fee is payable at the rate of GBP600.

These new improvements will determine not only the future prosperity but also the nature of Island's society.

The standard income tax rate of 0% applies for all corporate entities except a limited number of specific banking activities taxable at 10%. The profits of regulated activities of utility companies continue to be taxed at 20%, in addition to the income from Guernsey property which arises to any Guernsey or overseas company. The change affects only companies, unit Happy Day Tv Series continue to apply for exemption in the regular way.

There can be summarized two main reasons for adopting the 'Zero-Ten' regime:

1. Guernsey has undertaken to revise its corporate tax strategy and to abolish the 'harmful' features of its tax regime in order to meet international standards and obligations and, thereby to secure continuing access to world markets.

2. Guernsey is also facing competition from other low tax jurisdictions, including Jersey and the Isle of Man, which have decided to introduce 'zero tax' regime. The new tax developments in Guernsey are designed to remain competitive and to ensure that the Island is still a good place for business.

As part of many changes introduced for the '0/10' regime the Guernsey's Income Tax Office is updating its own computer system. The Office wants the forms to be submitted electronically and helps companies to do this by supplying a free CD with the necessary software.

Moreover, the introduction of new trust legislation in Guernsey in March 2008 is a demonstration of the jurisdiction's adaptability and flexibility in reacting to changing market situations and condition. The amendments include several significant changes like the introduction of Purpose Trusts that will particularly enhance the Island's fiduciary environment.

However, Guernsey is not resting on its laurels. It continues to introduce legislation that will allow the establishment of Foundations. This is yet another example of how the Guernsey government, financial regulator and the Island's practitioners, continually work together to maintain an environment that maximizes business flows.

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