The Isle of Man has commented on the EU Code of Conduct on Business Taxation, saying:
TREASURY Minister Anne Craine MHK says the Isle of Man Government will continue to monitor developments following Friday’s meeting of the EU Code of Conduct Group which is considering aspects of the Island’s zero-ten business taxation system: principally how the attribution regime for individuals (‘ARI’) interacts with it.
The Minister commented:
‘This is an important matter for the Isle of Man and we are gathering further information so that we can gain a clear and full understanding of any concerns raised on what are quite complex and technical issues. We would expect that the views of the EU Code of Conduct Group will be explained in detail so that we can consider them carefully before determining what course of action, if any, to take.’
The process was continuing, said Mrs Craine. She understood the next stage would be for the Group to report to the EU Council of Finance Ministers (‘ECOFIN’), probably in December, on its work to date including consideration of aspects of the Isle of Man’s business taxation system.
This is blatantly misleading. Usefully Guernsey has said so.
The game is over. The Isle of Man knows it. And it’s pretending otherwise.
A little more honesty would become them — the people of the Isle of Man deserve it. No wonder so many of them come here to find out what’s really going on in the place in which they live. As one commentator has said:
As I’ve said before Richard, the IOM Government will finish the offshore industry by it’s own incompetence.
They should have been planning for this for years. When concerns were raised over the DPC version of 0/10 and it was amended to ARI, it was obvious to everyone that nothing had materially changed. They must have known this day would come.
My opinion is the Isle of Man is about to face the perfect storm….0/10, EUSTD, VAT renegotiation. How this government deals with these issues is critical.
With the present lot of MHK’s and the FSC running the show, I am not hopeful for the future!
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The Isle of Man will go down the tube. A tragedy for the Manx people which would have been avoided simply by applying competent and responsible government.
As recently as last week the former Treasury Minister Mr. A. Bell was openly pontificating “…. the Manx economy is not in recession, we have 1.7% unemployment and we are still meeting new investors who want to join our way of life and help to create a future for the Island, especially for our young people who will one day be seeking employment.”
“I am a great believer that adversity can be a great unifier. In the last few years the Isle of Man has shown great resilience, compassion and continued to search for excellence. In adversity, the unifying strength of our nation shines through.”
Cloud cuckoo land indeed!
And on the question of ‘compassion’ pontificated by Mr Bell, what compassion has ever been shown by any of the IOM authorities over the swindle of thousands of depositors’ life-savings. KaupthingIOM gave assurances to depositors, many of whom are pensioners, that their money entrusted to that bank, on the Isle of man, was safe, secure and 100% guaranteed. The regulatory authorities on the IOM were responsible for overseeing this guarantee and the legality thereof. The rest is history. Thousands lost everything and now we all have to wait years and years for the return of our hard-earned money never knowing how much is to come back. So much for compassion on the IOM and the competency of its regulatory bodies.
Peter, in Guernsey the Landsbanki Action Group always suggest the IOM as a shining light in the treatment of Kaupthing depositors. Are you saying this isn’t the case?
‘A shining light in the treatment of Kaupthing depositors’ ! Thousands of us have already had to wait 2 years for the return of just half of our money and we have to wait another 6 years for any thing else, how much noone can say. These deposits were guaranteed, supposedly. Yes, I am saying whatever the IOM is, it is not a shining light.
In his speech last week, Mr Bell also said “When I stood here a year ago the atmosphere was very different, facing a situation brought upon us by outside influences. Here we are 12 months later – the sky hasn’t caved in,…
For the thousands of depositors with KSFIOM, the sky really did cave in. They have not felt the benefit of the ‘compassion’ he spoke of and last week’s unconvincing performance before the Tynwald Select Committee did little to change that. Just a small thought for them on this great night of celebration might have gone just some little way to rectifying this. But it seems even that was too much. Another lost opportunity.
@Peter Knott
Thanks Peter.
Unfortunately for the IOM’s citizens I doubt Mr Bell would notice the sky was caving in until it had hit the earth, bounced back and smacked him on the nose.
I suppose Alan Bell’s lies about being compassionate is his way of trying to put on a brave front in the face of adversity. One of these days the IoM MHK’s are going to have to come out of the closet.
@Richard Murphy
OK! So it was a sub Post Office