As I have noted (more than once) Jersey and the Isle of Man failed the requirements of the EU Code of Conduct on Business Taxation last year.
On 13 September their proposed revisions go before the Code of Conduct group for review.
I gather both are appearing.
I also gather the Code Group has considerable doubts about representations being given: after all, the history of both places is that they have done all they can to abuse the requirements made of them with a veneer of compliance covering blatant attempts to get round the rules so they could continue to offer tax haven ring fencing. Given that the Code Group rightly notes that both Crown Dependencies are in parlous financial state I suspect few believe they won't try such abuse again.
It could be an interesting meeting. And there's no certainty either will walk away with an approval - because there are doubts, as I've previously mentioned, that they will. The islands both failed on three counts last time. They look to be addressing two concerns but there is doubt about the third. They may pass, but my doubts definitely remain. But I could be wrong. It's possible.
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Richard when it comes to really parlous financial conditions doesn’t that ‘honour’ rest with the Eurozone and the UK? The former in particular seem to be trying every way possible to persuade the markets that major banks are not bankrupt and that Greece, Portugal and Ireland can repay their massive debts. Goodness even good old Lloyds bank has staff pension liabilities greater than its market capitalisation. The reality is that we are all in parlous financial states and not many counries have ANY Reserves left.
Still it will be interesting to see what the Code Group have to say.
By the way what do you think about the reports covered in the FT that Northern Ireland will be allowed by the UK Government to set its own low Corporate Tax rates to match those in the Irish Republic?
http://www.taxresearch.org.uk/Blog/2010/10/13/dont-cut-northern-irelands-tax-rate/