‘The consultation has attracted a diverse range of views on the Island’s business taxation system, and I am grateful to all those who have taken the trouble to contribute to this exercise.
‘Since the launch of the consultation the European Union Code of Conduct Group for Business Taxation has determined that the Isle of Man’s business taxation system should now be subject to a formal assessment.
‘Any decision on whether the business taxation system needs to change will not be made until the outcome of this formal assessment is known. If a change is required the Island will not pre-empt any move ahead of that of our competitors.’
The Treasury Minister stressed that the Isle of Man Government remains committed to meeting international standards, supporting our economy and maintaining the Island’s position as a leading international business centre.
Fedelta have already identified ways in which our clients will be insulated from the effects of any move to a positive rate in the years ahead.