The Isle of Man government has published the text of the revised revenue sharing agreement with the UK that is due to enter into force from the fiscal year 2010/11.
The revised agreement – which covers Value-Added Tax, duties on tobacco and alcohol, customs duties, anti-dumping duties, agricultural duties, and duties on pool betting – is expected to reduce the Isle of Man government’s revenue by GBP50m in 2010, then GBP100m for the fiscal year 2010/2011, starting April, and GBP140m annually thereafter.
According to the UK government, the decision to amend the agreement was taken in light of growing UK debt, and because the arrangement was outdated.
The revised agreement marked the island’s second tax blow not long after it announced that it was considering revising its corporation tax regime, along with Jersey and Guernsey, after recognizing that their zero-ten tax regimes would come under scrutiny from the European Union, as it prepares to re-evaluate various international standards pertaining to low tax jurisdictions.
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