A statement allegedly published by the UK Treasury concerning the future of the Isle of Man’s business taxation system led to a major panic within Government yesterday.
The statement which had appeared on the Channel Online website insinuated that the recent meeting of European Union Finance Ministers had concluded their findings into the Island’s new taxation system.
They've been looking at the finer details of the Island’s zero-ten tax system.
The system is a proven highly attractive incentive when enticing new business to the Island and it’s feared if it had to be scrapped there could be some very detrimental affects to the economy in the long run.
The statement said that the Group agreed that the Isle of Man's new tax legislation gives rise to possible harmful effects and the Government expects the Isle of Man to essentially scrap the system all together.
Treasury Minister Anne Craine has said although such investigations are ongoing, this article was highly misleading and doesn’t reflect the outcome of this weeks meeting.
The Ramsey MHK also said as far as she knows the working group are far from reaching the conclusion of their investigations.
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