Treasury Minister Allan Bell could heave a sigh of relief in Tynwald yesterday when he announced the Island’s new zero rate of income tax had finally been given Royal assent.
As of April next year, most businesses won’t have to pay income tax on profits, while most licensed finance sector companies will only pay ten per cent.
Unusually, the bill had waited for months for Royal assent to be given – giving conspiracy theorists plenty to speculate about.
But Mr Bell (pictured) says his fears the tax strategy was being torpedoed by Whitehall have been allayed:
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