According to an Isle of Man Online news report, compliance with the European Union's Savings Tax Directive could cost the Manx government as much as £2.4 million.
Citing a memo circulated in advance of Treasury Minister, Allan Bell's appeal to Tynwald yesterday to support the government's plans to adopt the withholding tax option, the IoM Online revealed that gross domestic product is also expected to drop 2.2% following the implementation of the Directive.
The Treasury communication further revealed that recent predictions suggest that the finance industry will have to fork out £4.4 million to implement new rules relating to the initiative, and that compliance costs for the sector will come in at around £1 million annually.
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