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Economy
"Alderney is an island located in the Channel Islands off the coast of Normandy, France. It is known for its stunning natural beauty, its rich history, and its vibrant economy. The economy of Alderney is largely based on tourism, with the island attracting over 200,000 visitors each year. Additionally, Alderney has a thriving financial services sector, with a number of banks and other financial institutions located on the island.
The GDP of Alderney was estimated to be £1.2 billion in 2019, with a GDP per capita of £41,000. This is significantly higher than the UK average of £27,000. The unemployment rate in Alderney is also low, at just 1.2%, compared to the UK average of 3.9%.
The Alderney economy is also supported by a number of industries, including agriculture, fishing, and manufacturing. The island is home to a number of small businesses, including restaurants, shops, and hotels. Additionally, Alderney is home to a number of renewable energy projects, including wind and solar farms.
Overall, Alderney has a strong and vibrant economy, with a high GDP per capita and low unemployment rate. The island is supported by a number of industries, including tourism, financial services, agriculture, fishing, and manufacturing. Additionally, Alderney is home to a number of renewable energy projects, making it an attractive destination for investors and businesses."
Taxation
Alderney is a British Crown Dependency with its own tax system. Here is a brief overview of the tax system in Alderney:
Corporate taxation:
- Alderney has a territorial taxation system, which means that companies are only taxed on income earned within the territory.
- Companies incorporated in Alderney are subject to a corporate tax rate of 0% on their profits.
- However, some businesses may be subject to a licensing fee, which is a fixed annual fee based on the type of business activity.
Personal taxation:
- There is no personal income tax in Alderney.
- However, individuals may be subject to social security contributions, which are deducted from their earnings and paid by their employer.
Other taxes:
- Alderney does not impose value-added tax (VAT) or goods and services tax (GST).
- There is a property tax in Alderney, which is levied at a rate of 3% on the annual rental value of the property.
It is important to note that the tax system in Alderney is subject to change, and companies and individuals should seek professional advice on their specific tax obligations and requirements. Additionally, there are deadlines for the payment of licensing fees and property taxes, so it is important to adhere to the payment schedule.
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