The pull out published by the Finance and Economics Committee lays out the background to why the Island needs to change its tax structure and outlines the mechanisms proposed to plug the gap.
The supplement shows that the Island intends to raise an extra £20m in taxes annually from economic growth, a further £20m a year from ‘improving efficiency’ in public services, £5m from a new pay-as-you-earn tax system and £55m from tax increases.
The main plank of the tax increase measures will be the introduction of a three per cent goods and services tax to raise £45m with a further £10m coming from the phasing out of tax allowances for higher earners.
The front page of the supplement features a message from Finance president Senator Terry Le Sueur.
‘It is never pleasant to pay more.
It gives me no pleasure to ask everybody, myself included, to meet more of the costs of the services we need,’ he says.
