"The concentrating [of powers] in the same hands is precisely the definition of despotic government. It will be no alleviation that these powers will
be exercised by a plurality of hands, and not by a single one. " - Thomas Jefferson
Isle Of Man's Zero Tax Proposals Endorsed By Tynwald
tax 2002-10-23
The Isle of Man Online news service reported this week that the Manx Treasury's zero corporate tax proposals have been accepted by the Tynwald.
In addition to introducing a zero rate of corporate tax for all companies based on the Island (with the exception of banks and building societies), the recently endorsed measures will do away with 'harmful' tax measures such as exempt companies and non-resident company duty, in response to the European Union's code of conduct on business taxation.
Speaking to the Isle of Man Online, Treasury Minister, Allan Bell explained that: 'The Treasury has spent a long time looking into every way the Island can secure its long-term economic status in line with the EU and the OECD.'
'The best option we were left with was a reduction in tax values, retaining a 10% standard rate for banks and building societies and a 0% rate for all other business opportunities.'
