The Finance Industry Business Advisory Group (FISBAG) is considering possible scenarios for 2008, when a zero corporate tax rate will be introduced at an estimated loss to States revenue of £100 million.
he six FISBAG members include two tax partners, economist Robert Bushell, Policy and Resources international finance director John Harris, a legal specialist, and a member of the Jersey Chamber of Commerce.
ill Ogley, the chief executive of Policy & Resources, explained at a recent press briefing that a number of groups – including the fiscal strategy project team – were looking at options to reclaim the lost revenue, most of which is likely to end up back in the United Kingdom.
Part of that process will involve talking to the United Kingdom Treasury.
r Harris explained: ‘It is very complex – it will depend on the way in which tax paid by businesses is treated in other countries around the world.
He said that the group were hoping to be able to come back with some options by the end of November, and this would be followed by a period of consultation with the industry.