 |
|
|
 |
 |
| |
 |
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures. |
| TreatyPro: Online
tax treaty resource. |
|
|
| IoM Govt Restructures To Focus On Economic Growth |
by Phillip Morton, Investors Offshore.com
Tuesday, February 02, 2010
The Isle of Man Chief Minister, Tony Brown, has announced proposals for a major
restructuring of government departments with a focus on growing the economy
to generate new income for the island.
The government has explained that under the plans a wide range of government
functions would be regrouped under seven new departments, while retaining the
total number of departments at nine. No functions would be lost in the move,
which is not designed to create redundancies.
At the centre of the plan is the creation of a new Department of Economic
Development to co-ordinate the support and promotion of key sectors including
financial services, manufacturing, tourism and e-business. Also proposed is
a Department of Social Care responsible for a cohesive social policy embracing
social services, social security and housing. A Department of Community, Culture
and Leisure would include culture, recreation, fishing and farming, recognising
agriculture’s role in maintaining the Manx countryside.
The change, the most comprehensive since the introduction of the Ministerial
system in 1986, is to be moved at this month’s sitting of Tynwald starting
on February 16, to take effect from April 2010. It is proposed as part of government’s
response to the Independent Review of the Scope and Structure of Government,
which recommended the formation of a Department of Economic Development. If
approved there would be seven new Departments: Economic Development; Social
Care; Health; Community, Culture and Leisure; Environment; Infrastructure; and
Treasury (from which responsibility for the promotion of financial services
would be transferred to Economic Development).
Home Affairs and Education would remain intact, though the latter would
be renamed Education and Children. The government has explained that the restructure
will be an opportunity to look at greater efficiency and effectiveness, for
example through the increased use of common services.
“The reduction in the island’s share of VAT revenue has created
an urgent need for us to renew the drive for new business and new income. The
Department of Economic Development would spearhead that drive by bringing marketing
teams together in one organisation dedicated to building the economy. In the
current fiscal climate the case for a new Department of Economic Development
is a strong one. If it is accepted, then other Departmental changes become necessary
as a knock-on effect,” Brown explained.
“There will be many different views on what those changes should be,
but what is proposed is based on the priorities agreed in the Government Strategic
Plan. The public and business community is expecting leadership and action at
this time of challenge for the island. The important thing is to get a new structure
in place to sharpen our focus on growing the economy and revenues, so the government
can continue to support the quality and standard of life of the people of the
Isle of Man.”
.
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|