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Minister welcomes ARI decision

Treasury Minister Anne Craine says approval by the EU of the scrapping of the Attribution Regime for Individuals is one 'more step along the way'.

The European Union Code of Conduct Group announced it's decision after a meeting in Brussels on Tuesday, attended by officials from the Isle of Man.

Abolition of the ARI from April 2012 was announced by Mrs Craine in her Budget speech in February, and overwhelmingly endorsed by Tynwald. It had been introduced to prevent 'rolling-up' income in companies subject to the Zero-ten tax rate.

The ruling by the Code of Conduct Group is subject to formal confirmation by ECOFIN, the EU's Economic and Financial Affairs Council, in December.

Mrs Craine says, without the backing of the group, the Isle of Man may have been forced to introduce taxes which it didn't really want (listen to audio file below):

Anne Craine is a general election candidate in Ramsey, along with (in alphabetical order) Allan Bell, Linda Bowers-Kasch (Liberal Vannin), Lawrie Hooper, John McDonough and Leonard Singer.

Clip 1

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