Tax strategy
The Isle of Man has a long history of taking a strategic approach to taxation policy.
A tax strategy was approved by Tynwald in October 2000.
Amendments were made in the 2002 Budget in order to deliver the strategy, while further modifications were introduced in October 2002 as outlined in the Modifications to Taxation Strategy.
In June 2003, the Isle of Man re-affirmed its national taxation strategy and the Treasury drafted a Response to the EU Tax Package.
In November 2007, the Income Tax Division published Proposals for the Manx Taxation Strategy for the Period 2007-2012, setting out Treasury's intentions in respect of the taxation system.
In July 2009, following a period of rapid global developments in the field of international taxation, the Treasury published A Report on International Taxation Strategy with the unanimous approval of Tynwald.
In his 2012 Budget speech, the Treasury Minister, Hon. Eddie Teare, MHK, gave a commitment to publishing a new tax strategy which, if supported by Tynwald, would indicate the areas of the taxation system that he would like to update during his time in office.
In January 2013, the Manx Taxation Strategy 2013 - 2016 was unanimously approved by Tynwald.
In February 2023, the Treasury Minister, Dr Alex Allinson MHK explained in his Budget speech that, as set out in Our Island Plan and also recommended in the Economic Strategy, Treasury was working on a new tax strategy. This strategy would be built on an evaluation of the Island’s tax system and would look to establish the main themes that will guide tax policy formation in the Isle of Man for the remainder of the administration. He also explained that it would also provide a high-level work plan for the key tax policy initiatives in relation to each of the policy themes. The Tax Strategy 2024-2026 was published on 20 February 2024 for consideration at the March 2024 sitting of Tynwald.
