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Guernsey

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About

Guernsey

Capital
Official languages
Population 
Currency

ISO 4217

St. Peter Port

English and French

Approximately 65,000

Guernsey Pound

GGP

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Economy

Guernsey is an island located in the English Channel off the coast of Normandy, France. It is a self-governing British Crown dependency and is known for its low taxes and strong economy. According to the World Bank, Guernsey has a GDP of $3.3 billion in 2019, with a GDP per capita of $87,845. This makes it one of the wealthiest countries in the world. The unemployment rate in Guernsey is low, at just 1.2%, and the inflation rate is also low, at 1.2%. The government of Guernsey has a strong focus on economic growth and development, and has implemented a number of initiatives to promote business and investment. The island is home to a number of financial services companies, and the banking sector is well-developed. Guernsey also has a thriving tourism industry, with over 1.2 million visitors in 2019. The island is known for its beautiful beaches, stunning scenery, and vibrant culture. Overall, Guernsey is a great place to live and work, with a strong economy and low taxes.

Taxation

Guernsey is a self-governing dependency of the British Crown, and as such, it has its own tax system that is independent of the United Kingdom.


Corporate taxation:

- There is no corporation tax in Guernsey, except for certain financial services companies, which are subject to a 10% tax on income.

- There is no requirement to file tax returns, but companies must provide annual financial statements to the Guernsey Income Tax Office.


Personal taxation:

- There is no capital gains tax, inheritance tax, or value-added tax (VAT) in Guernsey.

- Income tax is levied on residents of Guernsey on a progressive basis, with rates ranging from 0% to 20%.

- Individuals are required to file their tax returns by the end of November of the following year.

- Quarterly payments of tax are required to be made.


The tax payment process in Guernsey involves several steps:

1. Register with the Guernsey Income Tax Office.

2. Obtain a tax identification number (TIN) from the Guernsey Income Tax Office.

3. Keep accurate records of all income earned and expenses incurred.

4. Calculate the amount of tax owed based on the relevant tax rates and deductions.

5. Make quarterly tax payments by the due dates, either online or in person at the Guernsey Income Tax Office.

6. File annual tax returns by the due date, either online or in person at the Guernsey Income Tax Office.


The tax calendar for payments in Guernsey is as follows:

- Quarterly payments: April 30th, July 31st, October 31st, and January 31st.

- Annual tax returns: End of November of the following year.


It's important to note that failure to pay taxes on time can result in penalties and interest charges. Therefore, it is important to keep track of all tax obligations and to make timely payments.

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