However, it will probably be next spring before it is known how individual shareholders are to be taxed and possibly later than that for local owners of non-resident businesses.
It was revealed at a Corporate Services Scrutiny Panel hearing on the zero-ten tax proposals yesterday that the draft law will be released to States Members on Tuesday and a debate is likely next month.
Treasury Minister Terry Le Sueur told the hearing that the draft law will set the framework for the corporate sector.
‘This is what the banks want to know,’ he said.
In response to a question from panel chairman Senator Jim Perchard, Senator Le Sueur said he was confident that the proposals in the draft complied fully with the EU Code of Conduct.
However, in response to a question from Deputy Patrick Ryan, he said that there was no new additional information that backed up the assertion that the law complies with the requirements.