EU tax decision still pending

Thu, 09 Dec 2010

Treasury Minister Anne Craine MHK

The Treasury says its still awaiting a decision on the Island's business tax system from the EU.

The European Finance Ministers met this week, and acknowledged a report on the Island's new tax legislation.

A High Level Working Party will conduct a review, and Treasury Minister Anne Craine says the Manx Government should wait for the outcome of this review before making any changes.

However, Mrs Craine is investigating the source of a statement from the UK Government, which claims the EU found the zero-ten business tax system to be harmful, and asks for the Island to abolish the legislation.

The Minister says this statement is highly misleading and not an accurate reflection on the outcome of this week's meeting.