Island ‘Committed To Global Business Growth’

New Chief Minister, Tony Brown, says his administration is committed to continuing the broad economic policies that have made the Isle of Man one of the most successful financial centres attracting global business.

Underscoring his pledge is the decision to keep in place Treasury Minister, Allan Bell, who steered the Island’s radical zero tax initiative to a successful conclusion last year. A standard zero rate of corporate income tax now applies to the vast majority of Isle of Man companies. Banks have had tax on their normal trading profit cut to 10 per cent and all other income zero-rated.

At the same time, the Island’s company law has been thoroughly revised to provide a streamlined corporate vehicle geared to the needs of fast moving international business. Taken together, the package is proving highly attractive to the specialist offshore market offering ‘a value chain of professional services’ around the corporate product.