It was announced in the budget speech this morning that the Island will withdraw the potentially damaging attribution regime for individuals from the 6th April 2012.
The ARI is a tax avoidance mechanism and was deemed harmful by the group investigating the Island’s zero-ten company tax system.
The treasury have made the step to abolish the regime altogether in an effort to ensure the future of zero ten.
The ARI was set up to deter local shareholders from avoiding Manx personal tax by putting income in companies subject to the 0% tax rate.
The Zero-Ten regime has been responsible for attracting lots of business to the Island since it’s introduction and is responsible for generating a vast amount of the Island’s economy.
(AUDIO ABOVE - Income Tax Accessor Malcolm Couch)
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