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Category: Local Business News  Scrutiny

Prior Year Basis Tax Reform to be Scrutinised

Feb 18, 2021

A review into the proposed regulations for Prior Year Basis (PYB) tax reform has been launched by the Corporate Services Scrutiny Panel (CSSP). On 4 November 2020, the States Assembly agreed, in principle, to move all personal taxpayers from a Prior Year Basis to a Current Year Basis (CYB) from 2020. Before the finalised payment terms for 2019 liability are put to the Assembly at the end of March, the Panel will scrutinise the regulations for potential concerns and deliver a report with any amendments by 15 March 2021.

Some of the key issues the Panel seeks to examine include:

  • The division of 2019 debt between married couples and civil partners following divorce or the introduction of independent taxation;
  • The impact of the potential dept of mortgage lending to affected taxpayers; and
  • The impact on retired taxpayers

Chair of CSSP, Senator Kristina Moore, said: “Having compared the draft regulations to the Panel’s review of the initial proposals, the Panel has concluded that it must scrutinise the regulations for any disparities between the two. We will assess the appropriateness and deliverability of the regulations, whilst seeking to ensure the impact on taxpayers has been considered fairly and communicated transparently. We will ensure the views of these taxpayers and key stakeholders have been taken into account and consider the wider consequences the regulations may have on public finances.”

To inform its review, CSSP intends to hold public hearings with the Minister for Treasury and Resources and the Chief Minister. The Panel will also be seeking the views of tax professionals and personal taxpayers. Islanders are encouraged to share their views by:

Scrutiny Press Release.

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