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Public asked for views on tax system

The Manx Treasury's asking for the public's views on how the tax system could be made simpler to understand and less costly to run.

In his Budget earlier this year, Treasury Minister Eddie Teare promised a new taxation strategy by the end of the year.

Treasury's just released a public consultation seeking views on individual and company taxation and the National Insurance system.

It asks whether the upper and lower tax bands could be replaced with flat tax rate of 20 per cent.

If so, the personal allowance could be raised so some people stay outside the tax system altogether.

A complex series of allowances could be swept away and replaced with benefit payments.

In business, Mr Teare's floated the idea of widening the 10 per cent tax from just banking to other sectors.

It would mean non-Manx firms operating here paying into the Island's tax coffers

You can download a consultation form from the government website:gov.im/treasury/incometax/consultations.gov)

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