In the News

Isle of Man Treasury Minister, Eddie Teare proposes to tax major UK retailers like Tesco, M&S and B&Q on their local profits in his 2013 budget.

Minister Teares in his second budget said "It's about fairness and setting firm foundations for the future"

The extension of the 10% corporate tax rate which presently only applies to banking locally,will now also apply to major retailers with annual profits of more than £500,000 and is expected to raise an additional £3.4 million a year for the Manx Treasury.

At the monent retail giants like Tesco and Marks and Spencer pay tax on their profits in the UK but there have been calls for these companies to pay tax locally.