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Isle of Man Government announces corporate tax breaks

The Isle of Man Government has announced the introduction of zero rate corporate tax with effect from April 2006, creating a significant additional benefit to its existing pro-business environment.

The government of the Isle of Man has announced the introduction of zero rate corporate tax with effect from April 2006, creating a significant additional benefit to its existing pro-business environment.

The move is designed to attract more companies to the Island, particularly in the technology and interactive entertainment industries. The government has already cultivated a receptive environment for companies looking to tap into the UK and European markets, offering grant packages of up to forty per cent to offset the expense of establishing a base on the isle and setting up business operations.

Located in the Irish Sea between Great Britain and Ireland, Isle of Man already offers a noticeable advantage for the business community, having invested heavily in 100 per cent broadband coverage, free ADSL and ISDN connections for individuals and businesses, a fast access 3.5G network and two self healing fibre rings connecting the IOM to the UK and Ireland. In the past five years, some USD 90 million has been invested in the telecommunications infrastructure.

Tim Craine, director of e-business for the Isle of Man Government commented: "The zero taxation initiative supports our overall economic plan to ensure that interactive entertainment and computer game companies experience financial success in the Isle of Man."

"Our pro-business government policies help companies minimize their operating and growth costs, which allows them to become more profitable. We encourage high-tech businesses with plans to expand into Europe to look closely at the Isle of Man as their preferred location."

Author

Paul Loughrey

Contributor