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Isle of Man Treasury press release dated 9 January 2006
Manx tax
The Isle of Man Treasury in respect of its commitment to the European Union Code of Conduct for Business Taxation is to revise certain aspects of its tax system for companies. As part of this reform, it is to introduce a 0% rate for most companies and 10% for a defined sector; in practical terms, the introduction of a general rate of tax on profits of 0% for companies with effect from 6 April 2006. In addition, the Isle of Man Treasury intends to do the following:
- Introduce a Bill in the House of Keys before the end of this financial year, i.e. by 5 April 2006, that will repeal the tax legislation relating to international business companies, non-resident company duty, exempt companies, exempt insurance companies and exempt managed banks. The intention is that these repeals will have effect from 6 April 2007.
- Discontinue accepting new applications for tax exempt company status from 6 April 2006.
Jersey is introducing similar new corporate tax rates, as outlined by Mike Truman in his article '20% means 20%', Taxation, 19 January 2006, page 387.
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