Isle of Man News - POSTED Wed 08-08-2018

Industry to be consulted over new tax plans

by TH

Industry to be consulted over new tax plans

Government will hold meetings with various industry sectors who could be affected by new legislation it wants to bring in.

The legislation will require companies tax resident in the Isle of Man, undertaking specific activities, to demonstrate that they have sufficient substance on the Island.

In November last year the Manx Government said it would address the EU Code of Conduct Group’s concerns over companies having sufficient substance to access our corporate tax regime.

Proposals have been put forward to meet this commitment by December 31st.

Chief Minister Howard Quayle says: "We have worked closely with our colleagues in Jersey and Guernsey to develop proposals to ensure that they meet the needs of our businesses as well as ensure that we fulfil our commitment to the EU.

"We will be holding a series of meetings with representatives from the relevant industry sectors in the coming weeks to discuss these proposals and allow for any feedback as we prepare the legislation.

"This approach means that we can listen and act on the words of our industry. We will also be seeking views on the further transparency measures referred to in the EU’s scoping paper."

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