Agreement reached on sharing formula
Treasury Minister Eddie Teare has delivered some good news to Tynwald over the Island's VAT-sharing agreement with the UK.
The UK's renegotiation of the agreement led to the Manx government losing huge amounts of money from its budget each year.
This morning (Tuesday) in Tynwald, Mr Teare said a new formula for sharing VAT means in total the Island will get an extra £21.5 million for this year, last year and the year before.
And he added the new final expenditure revenue sharing arrangement, FERSA for short, would continue into the future:
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