08 Jun New Tax Reform proposals out
A new set of tax proposals have been published, with some implications for the retail sector.
The new proposals suggest a 3% goods and services tax, along with an increase to 7.9% employer social security contributions.
There is also a warning that the retail sector may be included in future changes to corporate taxation policies with it suggested there is “future consideration of extending the 10% rate to construction and retail business, but no earlier than 2030”.
The States media release can be read HERE.
The Policy Letter can be read HERE.
The GRG will consider the proposals in full and comment further in due course.
The GRG continues to lobby States members on behalf of retailers ahead of the expected debate on this policy letter in July.
Members can share their views with the GRG by emailing hello@guernseyretail.gg.