Taxation Strategy Receives Tynwald Approval

The Treasury Minister, Hon Eddie Teare, MHK, announced in his first budget in February 2012 that he would publish a new tax strategy which, if supported by Tynwald, would indicate the areas of the taxation system that he would like to update while Treasury Minister.

As part of the preparation, Treasury undertook a public consultation exercise in the summer of 2012 and the responses received were taken into consideration when preparing the strategy.

Today, the Treasury Minister presented the tax strategy to Tynwald where it received the unanimous approval of Members.

The strategy sets out Treasury’s intentions in the four main areas of:

• taxation of individuals

• national insurance

• taxation of businesses, and

• international taxation.

The Treasury Minister said that implementation of the strategy will be phased, with a series of measures being set out in the remaining budgets of this parliament.

The tax strategy document can be viewed here.