Moves to stigmatise wealth planning by 'tax fundamentalists' and restrict capital movement through attacks on offshore jurisdictions will 'significantly' reduce overall economic activity, according to Jersey Finance.
The combined effect of protectionist measures will constrict wealth, reduce tax bases and lose global prosperity if programmes driven by a "short sighted grab for tax" are pursued, says Geoff Cook, chief executive of Jersey Finance. The Organisation for Economic Cooperation and Development (OECD) also recently slammed the notion of protectionism in respect of tax competition. "We agree on the need to avoid raising new tax obstacles to cross border trade and investment," it says. Cook believes any attempted tax grab will miss its target, as even if discretionary measures are introduced...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes