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Consultation On IOM Business Taxation Begins

Monday, March 1, 2010

The Isle of Man Income Tax Department has begun consultation on the future of business taxation on the island following scrutiny of its 0/10% regime from the European Union (EU) Code of Conduct For Business Taxation Group.

The Isle of Man’s decision to amend its business tax regime was first announced on October 20, 2009, by the Isle of Man Chief Minister, Tony Brown, in a statement to the island's parliament, the Tynwald, in response to changes to the Customs & Excise Agreement revenue sharing arrangements between the Isle of Man and the United Kingdom (UK) and other international developments.

As part of his statement, the Chief Minister said:

“We have been watching the way international sentiments and standards have been moving in response to the global economic crisis, and especially the speed with which such matters have been changing and the potential effect they may have on our economy."

“[Revisiting our business tax regime] will allow us to develop and position the island and its future tax regime, so the island can continue to remain competitive and at the same time be accepted by the international community as responsible and co-operative.”

“The government will also be actively looking to identify what new opportunities can be taken to secure further business within the Island with a view to continuing to diversify our economy and increasing our income.”