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New G20 tax agreement could be beneficial for IoM

Eddie Teare says Double Taxation Agreements will be vital

A former treasury minister says taxation changes from the G20 could be beneficial for the Isle of Man.

The Island currently operates a "Zero-Ten" policy meaning the basic tax-rate on corporate profits is 0% and companies receiving income from banking businesses and land/property in the Isle of Man are taxed 10%.

An agreement by the G20, which the Isle of Man has backed, means corporate tax will be at a minimum of 15% worldwide.

Eddie Teare was the treasury minister between 2011 and 2016.

He says the Manx economy could be better off when the changes come into force:

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