Wednesday, October 18, 2017
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
Practice Note 134/06 - Election to Pay Corporate Income Tax at a Rate of 10% 5 May 2006

The Income Tax (Amendment) Act 2006 will shortly receive Royal Assent. This Act introduces the standard rate of corporate income tax of 0% with effect from 6 April 2006, together with the 10% rate chargeable on profits arising from land and property situated in the Isle of Man or from banking business.

Certain corporate taxpayers chargeable at the standard 0% rate of income tax can elect to pay tax at the 10% rate. This Practice Note sets out the criteria for making an election and the effect that the election will have on the company’s income tax responsibilities.

The Practice Note can be found here

M Couch

Assessor of Income Tax

More stories >>>  

Related News Articles
Practice Note 138/06 - Corporate Taxpayers Income Derived from Land and Property in the Isle of Man 2 November 2006
Income Tax Division, on behalf of Treasury, has today issed a Practice Note providing further guidance on the taxation of income from Isle of Man land and property received by corporate taxpayers. [More]
Taxation of Income derived from Land and Property in the Isle of Man 4 October 2005
Treasury has today published a consultation document on the proposed Taxation of Income derived from Land and Property in the Isle of Man. [More]
Insurance Premium Tax 8 February 2005
The OFT reminds Manx residents that they shouldn't be paying Insurance Premium Tax. [More]
Tax Return Deadline Nears 22 April 2013
The 5 May 2013 deadline for submitting contractor’s and employer’s tax returns is now only a few weeks away. [More]
Isle of Man signs Double Taxation Agreement with Luxembourg 18 April 2013
As part of the Isle of Man Government’s ongoing programme of signing Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs), the Isle of Man has signed a comprehensive DTA with Luxembourg. [More]

Other Guides by Maxima Systems Ltd: Disney World