Europe approves corporation tax system

Tue, 20 Dec 2011

The EU has given its approval to the Island's corporation tax system.

It's been confirmed that the zero ten system now meets the EU's Code of Conduct for Business Taxation.

The system had previously come under scrutiny, but the ending of the Attribution Regime for Individuals means zero ten is now acceptable.

It had been expected that approval would be granted in the new year, but the Manx Government received confirmation that the EU is now happy with the tax system yesterday.

The Chief Minister and Treasury Minister have both welcomed the news, saying that this shows further that the Island is open to international scrutiny.