Higher tax for all

Higher tax for all

The Policy and Resources Committee have today lodged a plan which outlines financial planning for the States until 2008 and the introduction of the zero rate of corporate tax.

It proposes reductions in general spending and in capital projects to try to balance the books and keep the Island on an even financial keel.And Finance president Senator Terry Le Sueur said that ordinary taxpayers would have to expect to bear some of the £100m shortfall that the zero rate of corporate tax will create.

A tax hike worth £7 million is to be announced in the 2004 Budget, but has not yet been disclosed, although the Senator said that there would be no new taxes until 2009.

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