Co-op To Collect £3m A Year In GST
THE Co-op in Jersey is likely to collect £3 million in GST in the first year it is in operation, according to its chief executive.
Jim Hopley, who was the Birmingham Co-op's VAT man when that tax was introduced in the UK in the 1970s, said he was confident that the figure which the Co-op in Jersey would be handing over to the Treasury would be around the £3m mark.
The cost to the Co-op in setting up the scheme is likely to be significant. He estimates one-off costs of £75,000 to adjust software, for which a specialist has been brought over from the UK, and £25,000 for overtime payments to staff making changes to prices and associated work.
Added to that, he said, would be an annual cost of around £75,000 for ongoing revenue charges
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