EU confirms Isle of Man tax compliance
THE Isle of Man Government has confirmed that the abolition of the Isle of Man's Attribution Regime for Individuals (ARI) will mean its 0/10 corporate tax system is compliant with the EU Code of Conduct for Business Taxation. The tax system was endorsed via a meeting of the European Environment Council.
Abolition of the ARI from 6th April 2012 was announced in the Manx Budget in February 2011. The ARI system applied to all Isle of Man residents who had an interest in an Isle of Man registered company and were charged to the income tax on their share of the attributed profits of their company, in essence removing the corporate veil as if taxed directly - whether or not profits had actually been distributed to the shareholder.
The approval and the abolition will hopefully now bring some clarity to Isle of Man taxation following the Distributable Profits Charge regime introduced in April 2006 and ARI in 2008.
20th December 2011
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- EU confirms Isle of Man tax compliance
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- Incorporated Cell Companies
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- Isle of Man Signs DTA with Bahrain and TIEA with India
- Equal Status For Protected Cell Companies
- Isle of Man Signs Tax Information Agreement with Canada
- New Office for Corporate Options
- Isle of Man Private Companies Now Able To Dispense With AGMs
- 26th Successive Year of Growth for Manx Economy
- Ratification of Tax Co-Operation Agreement with Germany
- Isle of Man Signs Tax Co-Operation Agreement with Portugal
- Isle of Man Budget 2010
- Foot Report of the Independent Review of British Offshore Financial Centres
- Double Tax Treaty concluded with Malta
- Standard & Poor Report on the Isle of Man Financial Position
- VAT Sharing Arrangement Amendment
- Isle of Man Space Registry
- IMF Report on the Isle of Man
- Isle of Man Companies (Amendment) Act 2009
- Corporate Options Launch Event
- Relocation Services Announcement - Introducing Relocation Options
- UK Treasury Recognition of Progress by Isle of Man on Tax Information Exchange Agreements
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