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Island to receive tax revenue from goods and services

Wed, 16 Mar 2016

The Isle of Man is to receive a share of indirect tax revenue from the sale of goods and services.

The Treasury Minister announced new changes in Tynwald following 'extensive negotiations' with the UK Government.

A revision of the tax-sharing formula under the 1979 Customs and Excise Agreement has been made to benefit the coffers here.

Manx shares are expected to rise by  £11.8 million in this financial year - Eddie Teare explains how the new system will work to include Internet purchases:

 

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• Eddie Teare MHK