The Isle of Man Bankers Association has given its reaction to the changes to the VAT revenue sharing agreement with the United Kingdom.
President of the organisation John Coyle says the Island is not alone in facing difficult times ahead.
He says most countries have had their tax returns decimated and it's a matter of readjusting and getting on with things under the new circumstances.
Mr Coyle says members of his organisation, who are major taxpayers and employers on the Island, are being consulted for their views.
Once those have been obtained the association will engage proactively the Isle of Man Government on the way ahead.