Isle of Man News - POSTED Tue 02-11-2010

Minister dismisses latest VAT renegotiation claim

by Manx Radio

Minister dismisses latest VAT renegotiation claim

'Little credence' should be given to a keen opponent of the offshore financial centres, as he bids to further 'undermine the Isle of Man'.

That’s the stance of the Isle of Man's Minister for Economic Development, Allan Bell, after Richard Murphy claimed the Manx government would have to renegotiate its VAT sharing agreement with the United Kingdom for the second time in a year.

Mr Murphy, of the Tax Justice Network, has been give credit for the change which saw the Island's VAT receipts cut by £90 million this year and by £140 million a year thereafter.

However, Mr Bell is dismissing his latest claim that another renegotiation is around the corner:

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