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Gov't stands firm amid calls for VAT overhaul

There are no changes in the pipeline

The Isle of Man Government has confirmed there are 'no plans' to make any changes to VAT.

It comes after a business in the hospitality sector warned of 'churn industry' mentality, and called for the tax to be overhauled to incentivise more people to join the sector.

Government says it has 'committed to continue to comply with conditions set out' in an agreement with the United Kingdom.

But it looks to the long-term and says it's continuing to prioritise the Economic Strategy which hopes to 'sustain key sectors and support new growth'.

By 2026, it's hoped 1,800 new jobs will be filled, but government points to the additional 700 people who have been employed since the strategy was in place.

The Department for Enterprise is currently exploring solutions to what businesses may perceive as being barriers to growth too.

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