Rates and Taxes

These two sources of income must be looked at as one single entity.  Mr Teare stated as he left Government 'There are no fruits left on the tree, there are no further costs that can be cut'.  If this is the case we must consider changes to the way in which income is raised.

Rates  We pay ridiculously low domestic rates here, most of the charges relate to water costs.  I would suggest that as a rule, the general domestic rates here (excluding the water rate element) could be doubled.  Perhaps somebody on this website could tell us how much extra income this would generate. 

Taxation  We are told (on Manx Radio), that there are no fewer than 30,000 companies registered here in the Isle of Man.  This must be for a reason.  We could introduce a low rate of Corporation Tax (say 5% - it is 20% in the UK)  Again, perhaps somebody on this website could tell us how much extra income this would generate  ... or ... introduce a company registration fee of, say £1,000 per annum, which, based on the number of companies registered here would generate £30 million per annum.

 

 

Why the contribution is important

It is imperative that we overcome our current revenue deficit

by acw on April 08, 2017 at 10:18AM

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Comments

  • Posted by Offshore April 25, 2017 at 16:38

    Changing the rates system will do little to save IOM Govt money. Local authorities get there income from the rates, rents and charges and not Government. Can't see how doubling the rates will help.
  • Posted by Mario May 12, 2017 at 21:40

    The system just isn't fair. I pay £1000 per annum and my parents in a bigger house pay £300 per annum. I don't even live in Douglas or Onchan.
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