Isle Of Man Considered E-Commerce 'Role Model'

by Jason Gorringe, Tax-News.com, London

12 May 2006

The Isle of Man was chosen by the South Korean island of Jeju as an example of an exceptional role model for e-commerce development, the Manx government has announced.

In a television programme aired on South Korea's national network, the Isle of Man was described as "an IT paradise created on a tourist island", following a visit by reporters from Jeju's television station.

The report went on to state that:

“The economy, which has been led by tourism and finance, has seen the special targeting of IT industries over the last ten years. Its industrial structure is making sustained economic growth possible even in a global recession."

“The Isle of Man’s core strategy to develop IT industries is to attract foreign companies by drastically reducing taxes. Corporate taxes will be reduced to 0%, giving the Island the world’s lowest corporate tax rate."

The report also praised the Manx government's policy of placing education at the centre of its IT strategy.

The report was welcomed by key figures in the Manx government. Alan Bell, Treasury Minister, commented that:

“The fact that our model is being used as example by other jurisdictions, is a clear endorsement of the quality IT and e-business infrastructure that we have put in place over the last six years."

Tim Craine, Director of E-Business went on to note that:

“We feel honoured to have been selected by Jeju as an example to follow in e-business development as it clearly demonstrates the increasingly world wide profile that is being built for the Island and its e-business offering."

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