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IoM Issues Update On Tax Review

by Jason Gorringe, Tax-News.com, London

24 November 2010


The Treasury Minister of the Isle of Man, Anne Craine has said that the government is continuing to monitor developments following its latest meeting with the EU Code of Conduct Group, which on November 19 focused primarily on the workings of the island’s attribution regime for individuals and how it interacts with the business tax system.

The talks with the EU Code of Conduct group are ongoing and also involve fellow Crown Dependency Jersey. The two islands' corporate tax regimes are being reviewed with the European Union to ensure that they meet "changing international standards" on business taxation.

The two territories were this year notified - along with Guernsey, which is carrying out its own review – that their 0/10% corporate tax regimes were no longer considered to be in line with the ‘spirit’ of the EU Code of Conduct on Business Taxation, and were advised to engage in discussions on achieving amendments that would be deemed more in step with changing international standards.

Discussing the most recent meeting, on November 19, Craine stated:

“This is an important matter for the Isle of Man and we are gathering further information so that we can gain a clear and full understanding of any concerns raised on what are quite complex and technical issues.”

“We would expect that the views of the EU Code of Conduct Group will be explained in detail so that we can consider them carefully before determining what course of action, if any, to take.”

Craine said that it is anticipated that the next stage will be the publication of a report by the Code of Conduct Group for the perusal of the EU Council of Finance Ministers, likely in December. The report will contain details of the Group’s work to date including consideration of aspects of the Isle of Man’s business tax regime.

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TAGS: individuals | Isle of Man | tax | business | European Commission | international financial centres (IFC) | corporation tax | Guernsey | Jersey | offshore | standards | European Union (EU) | Europe

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