As I have stated Ad nauseum ( for the really thick amongst you ) that means until I am sick of saying the same thing , there are some simple solutions.
1. Tax local resident accounts' interest directly at the banks , that way it does not have to be declared, it does not have to be disputed and the banks do it anyway for other governments !The simple advantage being that you can reduce the size of the tax declaration to every individual, reduce the size therefore of the tax office and have the added bonus that the tax is paid quarterly in real time ,not 18 months down the line.
2.Tax all non resident deposits in Jersey at some rate on interest earned ! There are hundreds of billions sitting here untaxed and the choices those people have to remove that money to other jurisdictions are becoming increasingly rare so a 2 % witholding tax on non resident deposit interest would produce hundreds of millions of pounds.
Downside , at current rates of interest these billions would not produce a lot of money. Those in charge of this money can and will move it to a location offering better tax deals . However , since the world is becoming increasingly tax transparent , the ability to absorb such funds will become ever more tiresome .
Upside , Interest rates are going to rise by a huge degree in the next 5 years. Those Banks and funds that do stay on , however many billions that might be , would actually be making a contribution ,instead of the zero contribution they make on funds or cash now.
Time to get real !
If we fail to get real we will be sidetracked , funds , money will move to .....say Singapore, Hong Kong , wherever , that offers the best tax deal , but increasingly we are looking at viability of such offshore, no tax, jurisdictions .If Jersey can operate on a level playing field with those types of jurisdictions , then we have a bright future , if not , we are in the words of the prophet "buggered"
So instead of pressing an increasingly large tax bill on the Jersey Resident , without making the remotest effort to trim the fat bastard waistline of the States Of Jersey , is there not a single person in that laughingly called "House" who has the balls to say "enough is enough"? When we are looking at SOJ expenditure close to 100% of GDP ,is there not a single person who can work out some basic facts?
This Island is sick of it... , sick of posturing ,puerile, self serving politicians who basically only give a sh1t about their wage packets.... and they along with the 7000 useless muppets who are the civil service need to be disenfranchised .
I suppose that a General Election is too simple , making the buggers apologise for being so inept and useless might help , but (Sorry Vlad) smacking those smug grins off their faces would certainly be therapeautic!
How do we even begin to achieve any sort of change on this Island without a Revolution? It is just so entrenched up its own backside that only a firm pull on the ears would remove it from it,s own fundemental orifice.
Yup ,,, correct ,, have had a pint or two!
