The intention is that money is paid into the fund when the economy is growing strongly, and drawn out from the fund to support the economy when it is performing more weakly. create a more stable environment with low inflation.provide protection from adverse impacts of economic cycles.In December 2006, the States agreed to establish a stabilisation fund to: Goods and Services Tax receipts (£ millions)įigures are in £ millions and stated at market value at 31 December each year. These ISE Fees contribute almost £13 million of GST revenue. In 2021, income from GST was £106 million, an increase of £12 million from 2020.īusinesses within the financial services industry can apply for an International Services Entity (ISE) Fee as an alternative to GST. The standard rate of GST was increased from 3% to 5%, effective June 2011. The full year effect on GST receipts at the new rate of 5% was first seen in 2012. The States agreed in July 2005 to introduce a 3% broad-based GST in May 2008. Child allowance for higher education was phased out in 2018. Wife's / civil partner's earned income allowanceĢ016 Budget agreed phasing out of the Standard Child Allowance and Additional Allowance for those on the Standard 20% rate over the period of the MTFP 2016-2019. Levels of tax allowance in 2021Īdditional allowance: for people with single-handed responsibility for children Download the chart data Levels of tax exemption in 2022ĭownload exemptions for the marginal rate of tax for previous years.
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