You have probably heard quite a lot about GST, which stands for "Goods and Services Tax", but may not understand how it will work and how it will affect you.
At present the only certainty is that we will all, unfortunately, be paying more tax. Whilst we have heard a lot from the politicians about how they want to keep the legislation simple the current draft of the law runs to 113 pages! The whole Income Tax (Jersey) Law runs to a 160 pages.
Make no mistake that the impact of this law will be huge and that businesses will need help to put in place systems that can cope. We will be running workshops and giving presentations over the next few months - if you are interested then please contact us.
At present the only certainty is that we will all, unfortunately, be paying more tax. Whilst we have heard a lot from the politicians about how they want to keep the legislation simple the current draft of the law runs to 113 pages! The whole Income Tax (Jersey) Law runs to a 160 pages.
Make no mistake that the impact of this law will be huge and that businesses will need help to put in place systems that can cope. We will be running workshops and giving presentations over the next few months - if you are interested then please contact us.
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NEWS
©
2007 Foxleigh Knight & Co., Limited |
ITIS applies to all employees, whether full time, part time or contract,
as well as to all directors who get paid a salary or fees, plus all labour
only subcontractors who do not have an exemption certificate from the Income
Tax Office - which is only issued if they have a good tax compliance
record.
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GST will affect everyone
Income Tax Instalment System (ITIS)
"20% means 20%"
At the Budget meeting held in December 2006
the Jersey States agreed to the phasing out of tax allowances for taxpayers on higher disposable incomes, as part of a package of measures
aimed at replacing the tax revenues lost by the move to a 0/10% corporate rate of tax.
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