Treasury Minister Eddie Teare says a five-year plan to rebalance the Manx government's finances remains firmly on track.
With the amended VAT agreement coming into force, he is admitting the plan will have to be revised ahead of his first budget, early next year.
However, answering a question from Onchan MHK Zac Hall in the House of Keys, Mr Teare insisted the Island would cope with significantly reduced income:
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