 The Isle of Man wants to help businesses and boost commerce |
The Isle of Man has said it will cut corporation tax to 0% for most firms as it looks to attract investment. Banks and other firms will continue to pay a 10% corporation tax rate. The new rate will take effect from 5 April.
The Isle of Man also introduced a top personal income tax level of �100,000 to attract wealthy individuals who may help improve the business environment.
The moves were announced by Treasury Minister Allan Bell as part of his annual budget.
The Isle of Man has an 18% rate for higher rate tax payers.
"The 2006 budget marks the delivery of our promises to the international community and demonstrates the Isle of Man's ongoing commitment to innovation," Mr Bell said.
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