The island expects the move to cost around £20m a year but expects to generate other revenue as more companies move to place their head offices on the island.
Specualtion points to Guernsey and Jersey possibily following the move, which will anger UK Treasury officials already concerned by the number of companies registering off-shore.
According to reports in today’s press the move to a zero coporation tax rate resolves the issue of ‘exempt companies’ status on the island, which already allows companies based there to pay no tax on earnings from outside the Isle of Man.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements