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Treasury Minister confident 10% tax won't drive away business

One of the major headlines from yesterday’s Budget is the new 10% tax for Manx-based retailers who record profits of over £500,000.

The biggest chain brands are set to be affected, among them Marks & Spencer and Tesco.

Minister Eddie Teare estimates the move will generate an additional £3.5 million for government coffers.

He will now start a series of meetings with representatives from the retailers set to be affected. He said he's confident the measure will not lead to any of the companies pulling out of the Isle of Man:

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