Consultation begins on retail tax

Consultation has started with major retailers in the Island who are going to be taxed for the first time as part of new measures outlined in the budget.

The 10 per cent rate of income tax begins in April and will affect outfits such as supermarkets and petrol retailers who generate more than £500,000.

Currently, UK retailers with branches on the Isle of Man pay tax to the UK on any profits made here.

Treasury Minister Eddie Teare says there’ll be no extra cost to the organisations affected in the long-run.