Nonsense from the Isle of Man

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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!