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IoM Government Income Down 19%

by Amanda Banks, Tax-News.com, London

11 December 2002


Although the most recent quarterly income report for the Isle of Man showed that government income was down some 19% on last year's figures at the halfway stage, the Manx authorities have stressed that there is no need to panic.

Reporting on the figures this week, the Isle of Man Online news service revealed that at the end of September, total government income stood at £55.7 million, with income tax receipts - at £40.3 million - more than £6 million, or 13% down on last year.

However, according to the government report, this is in line with expectations, and the Assessor of Income Tax still expects to come in 'close to the estimate' of £149.5 million by the end of the financial year.

'This is the expected position in line with the tax strategy (that) this year's tax rates will yield a reduced estimate and the percentage of the estimate collected to date is close to last year's position,' the report explained.


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