As part of a root-and-branch review of the Island’s tax regime, the Treasury has proposed charging late-payers interest on money owed.
They are also looking at ways in which the law and collection procedures can be improved to make the system more efficient and less costly to the taxpayer – and to ensure more people pay what they owe.
The review will look at independent taxation – how wives can be taxed in their own right rather than as part of their husband’s liability – and a so-called ‘Tesco tax’ on large retail firms to recoup money lost under the zero-ten corporate tax structure.
It will also consider whether more financial services companies, including possibly insurance firms, could be brought within the ten per cent corporate tax band.
A three-month consultation which examines a number of issues is now being launched following the release today of a new report on the Island’s personal tax system.
Details of the consultation can be found online at gov.je/Government/Consultations
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