TaxCorporate TaxManx tax strategy wins Brussels’ approval

Manx tax strategy wins Brussels' approval

The decision by the Isle of Man to move to a uniform system of corporate taxation has won the full approval of Brussels.

Link: Manx Budget encourages enterprise

This follows Manx’s decision to implement a national taxation strategy, which includes the introduction of a standard zero rate of income tax for business.

The Manx tax plan fulfils the requirements of the EU’s Code of Conduct on Business Taxation, which seeks the phasing out of special preferential rates for particular types of business.

Manx Treasury minister Allan Bell said: ‘We welcome the reassurance that the move is in line with the EU Code of Conduct.

‘This is a significant international endorsement of our taxation strategy and will provide the future certainty for which our industry has been looking.’

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