No plans for palm oil tax

Topic discussed in Tynwald

A tax on palm oil is not being considered on the Island.

In Tynwald yesterday (Tue 20), Speaker of the House of Keys Juan Watterson requested what powers government has to levy a tax on the somewhat controversial product, which is found in anything from baked goods to cosmetics.

Under an EU VAT directive, the Isle of Man Government has the ability to tax ,upon agreement with the UK, in accordance with customs and excise.

However, Treasury Minister Alf Cannan said a tax of that nature is not on the agenda.