New Chief Minister, Tony Brown, says his administration is committed to continuing the broad economic policies that have made the Isle of Man one of the most successful financial centres attracting global business.
Underscoring his pledge is the decision to keep in place Treasury Minister, Allan Bell, who steered the Island’s radical zero tax initiative to a successful conclusion last year. A standard zero rate of corporate income tax now applies to the vast majority of Isle of Man companies. Banks have had tax on their normal trading profit cut to 10 per cent and all other income zero-rated.
Attractive corporate package
At the same time, the Island’s company law has been thoroughly revised to provide a streamlined corporate vehicle geared to the needs of fast moving international business. Taken together, the package is proving highly attractive to the specialist offshore market offering ‘a value chain of professional services’ around the corporate product.
Mr Bell has presided over one of the Isle of Man’s most successful economic cycles, which has seen growth maintained at around five per cent – more than double that of the European average. This remarkable record, plus the Island’s responsible approach to handling international business matters in general, has been a key factor in the Isle of Man retaining its triple ‘A’ credit rating.
Sharpening economic edge
Mr Brown, the former Speaker of the House of Keys and an experienced departmental Minister, believes the next five-year parliamentary period will be equally challenging with the Island determined to further sharpen its economic edge.
‘The Isle of Man has been very successful in creating a marketplace in which business can flourish and grow,’ said Mr Brown. ‘The Government will continue to actively meet the challenges ahead with determination and continue to provide a stable, high quality jurisdiction in which business can remain successful.
‘This means further developing an economic environment that provides business with the freedom and degree of certainty it requires to compete in the modern global marketplace. Maintaining high standards in both the type of business we wish to attract and in the calibre of our skilled workforce, is an integral part of this policy,’ added Mr Brown.
‘The recent introduction of zero tax on most company business, along with good telecommunications, easily accessible links to the City of London and other leading world markets – accompanied with an excellent quality of life – makes the Isle of Man an ideal place in which to invest and live.’ Mr Brown succeeds Donald Gelling who retired as Chief Minister following the General Election in November.
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