Treasury Minister Chris Thomas says most people will be £500 a year better off under new tax thresholds.
He was delivering his first budget speech during Tynwald's sitting in Douglas today.
Mr Thomas says tax thresholds for single people will rise to £17,000, and £34,000 for couples.
He said that will boost spending in the local economy:
Firefighters called to a house fire in Onchan
The Isle of Man Fire and Rescue service were called to reports of a fire in Onchan yesterday.
Today's budget at a glance
All the announcements made by Treasury Minister Chris Thomas during this morning's budget.
Employers' National Insurance rates frozen
Treasury Minister Chris Thomas says employers' national insurance rates will be frozen cover the coming year.
Pensions to see 4.8% rise under budget
Pensioners will see more money in their pockets this year, after a rise under the triple-lock system.
Treasury Minister announces extra £45 million for health
Health services will get an extra £45 million in spending this year.
ManxSPCA gives pancake tips for pups
An Island animal charity is offering dog-friendly advice this pancake day.
Over £21,000 raised for mum-to-be facing urgent radiotherapy
A fundraising page has raised more than £21,000 for a mum-to-be who underwent emergency brain surgery.
Ferry crossings at risk from incoming bad weather
Four Steam Packet sailings could be at risk of being cancelled.
