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| Isle Of Man Discloses Text Of New UK Revenue Sharing Agreement |
by Jason Gorringe, Tax-News.com, London
Friday, November 06, 2009
The Isle of Man government has published the text of the revised revenue sharing agreement with the UK
that is due to enter into force from the fiscal year 2010/11.
The revised agreement – which covers Value-Added Tax, duties on tobacco
and alcohol, customs duties, anti-dumping duties, agricultural duties, and duties
on pool betting – is expected to reduce the Isle of Man government’s
revenue by GBP50m in 2010, then GBP100m for the fiscal year 2010/2011, starting April,
and GBP140m annually thereafter.
According to the UK government, the decision
to amend the agreement was taken in light of growing UK debt, and because the arrangement
was outdated.
The revised agreement marked the island’s second tax blow not long after
it announced that it was considering revising its corporation tax regime, along with
Jersey and Guernsey, after recognizing that their zero-ten tax regimes would
come under scrutiny from the European Union, as it prepares to re-evaluate various
international standards pertaining to low tax jurisdictions.
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