Taxina has started her world tour! She plans on visiting all the tax havens around the world!
Did you know . . .
The tax year is 1 January to 31 December
There is no VAT in Jersey. They instead have GST which stands for Goods and Services Tax and is only 5% in the majority of cases.
Generally there is a flat rate of Income Tax, no matter what your level of income, of 20%. However, if using the alternative method of calculation produces a lower tax figure, you pay the lower amount of Income Tax.
The administration of the Income Tax Law is entrusted to an officer known as the Comptroller of Taxes
The general rate of corporate tax for a trading company is 0%
The general rate of corporate tax for a property development company or property investment company is 20%
PAYE (Pay As You Earn) is called ITIS (Income Tax Instalment System) Husbands have to report their wife’s earnings along with their own and pay her tax. If you wish to be taxed separately you have to make an election in writing by 31st October.
Where will Taxina travel to next?! . . . Guernsey? . . . Luxembourg? . . . Delaware? . . . The Cayman Islands? . . .