Rate for food and attractions to drop to 5% next week
The 5% VAT rate on food and attractions will be a welcome boost for the "suffering" hospitality industry.
That's according to Enterprise Minister Laurence Skelly.
The Isle of Man Government confirmed it will reduce the rate from next Wednesday until 12 January next year in line with an announcement by UK Chancellor Rishi Sunak earlier this week.
Despite the impact on the Island's income, Mr Skelly says it's a much needed step: