Anti-tax avoidance rules are drawn up

New rules to replace the scrapped ‘deemed distribution’ system under which local shareholders were taxed on company profits whether or not they received them will be announced in late October, he said.

The comments came during a public hearing of the Corporate Services Scrutiny panel, which is reviewing ministers’ three-year spending plans.

During the hearing Senator Ozouf said that new anti-tax avoidance measures would be a feature of the forthcoming Budget, and that the Treasury department was seeking advice on options for borrowing money to fund major capital projects.