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| Isle Of Man Retains 'AAA' Rating |
by Jason Gorringe, Tax-News.com, London
Tuesday, December 08, 2009
The Isle of Man Treasury Minister, Allan Bell, welcomed confirmation on December
1 that the Isle of Man would retain its “AAA” credit rating by Standard
and Poor’s.
The announcement comes amidst falling revenues and falling business flows
as a result of the global financial crisis, alongside the uncertain future of
the island's corporation tax regime in light of the review on the EU Code of
Conduct on Business Taxation.
Bell commented:
“Standard and Poor’s have reviewed the financial position of the
Isle of Man following the recent announcement [that revenue has fallen] from
the Customs and Excise Agreement. It concluded that the Isle of Man has a robust
financial position enabling us to deal with the ongoing budgetary pressures.”
“This external validation comes at an important time for us, as we are
finalizing the short- and medium-term plans for rebalancing the budget. Our
approach of building reserves during the years of higher growth allows us to
implement a considered period of transition that will maintain the economic
success and competitiveness the island has enjoyed over the last few decades.”
“It is clear that changes will have to be made in order to balance the
budget. What Standard and Poor’s have concluded is that the Isle of Man
has the ability and financial strength to bring these changes about, whilst
maintaining its economic vitality.”
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