Global Daily Tax News, Isle Of Man To Review Tax Thresholds In Next Budget, (Jun 20, 2024)

The Isle of Man's Chief Minister has said the Government intends to review tax thresholds, in a speech to mark the half-way mark of the current administration.

The Chief Minister said: "In 2021 this Government set out an ambitious economic and social plan to build a more secure, vibrant and sustainable future for our island."

"Despite three years of international and domestic challenges, this Government has remained steadfast in its resolve to deliver for the people of this Island. We remain focused on delivering our commitments in the Island Plan, building a stronger economy for all of us. But there is more to do. Today, I have set out three further commitments on issues of concern to the Manx public."

Namely, he said the administration will seek to "maximise government efficiency; review tax thresholds; and leverage the ownership of the Steam Packet", the island's government-owned ferry operator.

On tax, the minister said: "[...] The Treasury Minister has committed to reviewing tax thresholds for next year's Budget. We are committed to a low tax economy, but we are also committed to ensuring that public service delivery benefits society in such a way that our Island remains united and we do not leave people behind. The Treasury Minister will update Tynwald in October as to progress on our taxation and spending forecasts for this financial year."