Spotlight: Isle Of Man Offers Industry New Tax Haven
The Isle of Man is preparing to add space and satellite businesses to those in the shipping, insurance and fund management industries that pay no taxes on the island. The newly announced zero corporate income tax creates a haven for space and satellite companies seeking to avoid taxes. The island is located in the heart of the British Isles in the center of the Irish Sea, roughly equidistant between London and Dublin.
The new policy was unveiled recently during a budget presentation by the island’s Treasury Minister Allan Bell. Indeed, the Isle of Man already is moving toward offering a zero tax regime as a standard rate for business in 2006.
“I intend to extend the existing zero rate to new opportunities as and when they arise,” Bell said. “A small but exceedingly promising area is space and satellite technology. This will encompass the manufacture, operation, sale or other activities provided in respect of launch vehicles, satellites or similar assets, including those educational and other training activities that are directly associated with the industry.”
A two-day course for representatives from the island’s business community and other interested parties will be given by the International Space University in Strasbourg, France, at the International Business School in May 2004. The course is designed to provide detailed knowledge of the business opportunities that space and satellite companies would gain from the tax status.
“I am extremely hopeful that high technology businesses will look to the Isle of Man as their preferred location, and know that the Treasury and the Department of Trade and Industry are working to further develop relations with several multi-national companies,” Bell said.
(Christopher Stott, ManSat LLC, 281/228-9155)