There are six Divisions of the Treasury which are detailed below including a brief summary of each Division's main activities and a link to the more detailed web pages.
Income Tax Division
The Division's responsibilities include:
- The assessment and collection of all income tax due
- The payment of personal allowance credits
- Development of the new Income and Corporate Taxes legislation required to support Treasury's Taxation Strategy, including consultation, the preparation of draft briefs for the legislative draftsman and supervising the passage of Bills through the Legislative Branches
- Dealing with exchange of information requests at both a domestic and international level
- The implementation of the Taxation Strategy.
Link to the Income Tax website
- Providing accountancy advice and services to other areas of Government. This includes the management and preparation of all Government's financial accounts.
- Managing Government's investments, borrowings,currency and insurance, including the issue of Manx currency and Manx coins.
- Collecting revenues.
- Payroll and creditor payments.
- Rating and Valuation.
- Collecting all indirect taxes and duties due.
- Maintaining the Agreement between the Governments of the UK and Isle of Man.
- Protecting society by enforcing controls on imported drugs, prohibited and restricted goods and combating the threat posed by money laundering activities.
- By safegaurding and developing the Single Market, promote international trade and the competitiveness of Isle of Man commerce.
- Supporting the Chief Minister's Drug and Alcohol Strategy.
The Division has been restructured to replace the previous Administration Division or " Office of the Chief Financial Officer" . The Division has been designated new responsibilities as well as taking on some duties previously under the control of the Finance Division. Previous responsibilities such as providing the support needed to facilitate the effective operation of the Treasury through the provision of secretariat, secretarial and support services to the Treasury Board and consultative committees of the Treasury, continue. The central role of providing a research, co-ordination and liaison role for all Divisions within the Department also continues and has been further supplemented with a specific role with regards to the development and monitoring of Human Resource activities.
The senior officers of the Division also provide a resource for the Chief Financial Officer in progressing strategic project and legislative work which does not fall directly within the remit of any other specific Division.
The areas previously within the Finance Division and now within Corporate Strategy relate to the co-ordination and presentation of the Isle of man Budget and associated documents, co-ordination of Government's capital programme and provision of policy and financial accounting related advice to the Treasury, other Departments, the Council of Ministers and Tynwald.