Under the leadership of Merise Wheatley, a working group has been established to work with the GIBA committee set up under the chairmanship of Tony Mancini.
We have served on the GIBA PR Committee and on the GIBA Council. We have supported them in their local PR campaign and in a number of events designed to promote and enhance the understanding of the sector amongst local politicians and their advisers. This work is being scaled back and the expense associated with it will also be significantly lower in 2010.
In our turn, GIBA are proving very supportive in our ongoing discussions regarding regulatory equivalence and the zero/10 tax review.
In relation to the zero/10 tax review we have established a Working Group under the leadership of Merise Wheatley to work with the GIBA committee set up under the chairmanship of Tony Mancini.
Working Group Members:
Merise Wheatley
Karlene Wright
Paul Lavin
Derek Maddison
Lee Forshaw
Brian Allen
This is an issue of critial interest to members we are looking to gather as much weight as possible to our lobbying. We have approached Graham Parrot of Ernst & Young to advise us and assist us with access and credibility in these efforts. We are hopeful that the guidelines being applied will allow a tax neutral environment to continue for Guernsey captives as they seem to indicated the necessity to apply corporation tax to profits arising out of domestic, active revenues. However, establishing this and persuading the Guernsey government to implement such a regime will require more work and the full committment of GIIA and the industry generally. Initial analysis of the existing business of the captive industry shows that many of our clients value the existing regime and will expect us to make every effort to ensure that their existing tax situation is maintained for international insurance companies.
The focus of the working party is on the impact on the interests of international insurance companies, particularly captive insurance companies and on the impact that this will have on the industry as a whole rather than on the direct interests of insurance managers or Cat B and Cat C members.