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Isle of Man 2000/2001 Budget Delivers Tax Cuts, Increased Spending

Tax-news.com

16 February 2000

Key features of the budget included:

Personal Income Tax standard rate reduced from 15% to 14%, with the higher rate remaining at 20% threshholds and personal allowances increased;

Company Tax lower rate reduced from 15% to 14% on the first £125,000 of taxable income for trading companies;

£30 million or 10.6% increase in Departmental revenue spending; £15.0 million surplus expected;

Capital programme at £78 million to be financed without recourse to external borrowing;

£7 million E-Commerce / ICT Fund established;

£750,000 Tourism Development Fund to be established;

ISDN and ADSL connection charges to be met by Government;

Non-Resident Company Duty to increase by £25 to £800 from 1 June 2000.

Further information from : J A Cashen, Chief Financial Officer, The Treasury, Isle of Man Telephone: Douglas (01624) 685586: Fax: (01624) 685662 email: treasuryadmin@gov.im.

For the full text of the budget go to http://www.gov.im/budget2000/

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