GST ready for 2008 roll-out

The Goods and Services Tax will be set at 3% and is aimed at raising £45 million every year. The law which will pave the way for its introduction is reaching the end of drafting and should be ready to go to the States soon for a debate this April. Treasury Minister Terry Le Sueur says that part of the drafting process is to ensure that the legislation is compatible with Protocol 3 of the Treaty of Rome, which sets out the Island’s relationship with the EU on the movement of goods. The legislation will also exempt medical supplies and products after a successful campaign by Senator Stuart Syvret.