Treasury Minister warns cannabis taxation is a complex area

Wed, 18 Jul 2018

The Island's Treasury Minister warns legalising cannabis increase tax revenue is a complex area.

Alfred Cannan faced a query about the amount of money the Isle of Man Government could generate by deregulating the drug at this month's sitting of Tynwald.

Mr Cannan says the subject is hugely subjective and insists the Island would have to handle import and export regulations , VAT implications and agreements with the United Kingdom if it was to change the current cannabis laws.

Ramsey MHK Dr Alex Allinson, who asked the question, estimates the Island could bring in an additional £500,000 to £2.5m per year by legalising cannabis based on figures recently published by the UK Institute of Economic Affairs.