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Guernsey Finance has welcomed a public consultation into the island's future corporate tax regime.

A paper seeking the views of businesses and individuals received the support of the organisation responsible for promoting the finance industry.

Chief executive Peter Niven said the consultation was a major step in developing an internationally compliant but competitive regime.

He said it was important the regime brought more businesses to the island.

The island's current zero-10 tax regime was introduced in January 2008, but Guernsey agreed to review it following discussions with the UK Treasury and the European Union's code of conduct group.

Mr Niven said: "Clearly the finance industry internationally thrives on confidence and certainty and in that respect the industry here on the Island is no different.

"News that the EU Code of Conduct Group was unhappy with our zero-10 regime was disappointing

"So it was vital that we made sure our industry clients understood the issues, that they could be confident we were engaged with both the UK Government and the EU in Brussels and most importantly, that we would be working hard to maintain the Island's competitive edge as a leading international finance centre."

He added: "I am confident that Guernsey will maintain its undoubted edge and pre-eminence in international financial services."