CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Isle Of Man's Tax Regime Vindicated

Isle Of Man's Tax Regime Vindicated

by Jason Gorringe, Tax-News.com, London

23 December 2011


The Isle of Man government has welcomed final confirmation that the scheduled withdrawal of the island's attribution regime for individuals (ARI) will bring the territory's zero-ten corporate tax regime into compliance with the European Union's Code of Conduct for Business Taxation.

Endorsement of the EU Code Group’s recommendation to this effect had been expected from ECOFIN, the EU’s Economic and Financial Affairs Council, in January but came earlier than anticipated on December 19, 2011, in a meeting of the European Environment Council.

Abolition of the ARI from April 2012 was announced in the Manx Budget in February this year and endorsed overwhelmingly by the island's legislative assembly, the Tynwald. In September the Code Group, which monitors compliance with the EU Code of Conduct for Business Taxation, agreed in principle that the island’s business tax system would no longer be considered harmful if it went ahead with the proposed repeal of ARI.

The Isle of Man's Chief Minister, Allan Bell welcomed the announcement, stating: “Confirmation from Brussels was not expected until the New Year so today’s news is a welcome Christmas surprise for the Isle of Man. The outcome of this process is a further endorsement of the island’s policy of responsive engagement with international scrutiny while always seeking to defend our own strategic interests.”

TAGS: individuals | Isle of Man | tax | business | fiscal policy | international financial centres (IFC) | budget | offshore

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »