Manx Budget encourages enterprise
The Isle of Man has released its latest spending plans for the year by extending the 10% corporate income tax band for residing businesses to encourage growth in the island economy.
The Isle of Man has released its latest spending plans for the year by extending the 10% corporate income tax band for residing businesses to encourage growth in the island economy.
Link: Ireland and Isle of Man to share tax information
The extension means effectively that all resident trading companies will pay the 10% tax on earnings as the tax band has been extended from £500,000 to £100m.
Manx treasury minister Allan Bell, who presented the Budget to Tynwald today, said extending the lowest corporate tax band would save businesses £7m per year.
All non-resident companies will be taxed at a rate of 18%.
Other measures will see help given to the lowest income earners on the island, following the introduction of personal tax credits. This will provide lump sum payment of up to £200 to individuals who do not fully utilise personal allowances.
Net spending on public services increased by 7.6% or £29.4m to a total of £418m, Bell reported.
‘This is a two-pronged Budget. It aims to sustain the success of our economy – and therefore employment opportunities – and it provides additional support for people on low incomes. It is a responsive Budget for changing times, and an investment in the future of the Isle of Man,’ Bell said.
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