The Isle of Man Treasury Minister has announced a number of significant changes to the Isle of Man taxation system in what he terms as a "radical overhaul of the existing tax system so that a strategy is developed to continue the economic prosperity enjoyed by the island" over the last decade or so.
The principal objective is to combine an overall tax share of GDP in line with the European average along with a fair and competitive tax regime as it inter-relates with the international economy. Undoubtedly a further motivation is to address some of the wider issues raised by the OECD forum on tax competition and it is anticipated that some of the tax reforms will go a considerable way to meeting the concerns raised by the forum.
