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Corporate Income Tax Regime - Consultation Response Document 27 February 2006

    Income Tax Division, on behalf of Treasury, has today published a response to the consultation on the Corporate Income Tax Regime.

    On 4 October 2005 the Income Tax Division issued the ‘Corporate Income Tax Regime – Proposal Document’ as part of a public consultation dealing with proposed changes to the way in which companies are taxed here in the Isle of Man.

    The proposal document sought the views of company officers, tax professionals and individual taxpayers who, directly or indirectly, are involved with the taxation of companies on the following topics:

    • Scope
    • Rates of Income Tax
    • Basis of assessment
    • Returns
    • “Pay and file”
    • Computation of profits
    • Transition
    • Relationship with the new distributable profits charge (‘DPC’)
    • Capital allowances
    • Group and loss relief

    This document provides an overview of the responses received by the Division and, where possible, our view regarding the way forward. The document can be found here.

    M Couch

    Assessor of Income Tax

    27th February 2006

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