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Scrapping ARI removes uncertainty

A pre-emptive strike at the European Union'sĀ finance ministers is being warmly welcomed by the Isle of Man's business community.

A meeting of EcoFin tomorrow (Thursday) was expected to criticise a part of the Island's Zero-ten tax system known as ARI (Attribution Regime for Individuals) because it discriminated between local and off-Island businesses.

However, in her first budget yesterday, Treasury Minister Anne Craine announced the ARI was to be scrapped with immediate effect.

Chief executive of the Isle of Man Chamber of Commerce Mike Hennessy says it's good news for the Island because it removes any uncertainty over its tax regime:

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