Isle of Man"s zero rate corporate income tax policy has been extended to the space and satellite ind...
Isle of Man"s zero rate corporate income tax policy has been extended to the space and satellite industry.
The Isle of Man already has a zero tax regime for a number of industries - including shipping, insurance and fund management - and is moving to a standard zero rate for business in 2006.
Allan Bell, treasury minister at the Isle of Man Government, said: "We intend to extend the existing zero rate to new opportunities as and when they arise. A small but exceedingly promising area is space and satellite technology. This will encompass the manufacture, operation, sale or other activities provided in respect of launch vehicles, satellites or similar assets, including those educational and other training activities that are directly associated with the industry.
"Companies involved in this high value-added category, will from 6 April 2004, be included in the growing number of activities that already benefit from the zero rate band of tax. We are hopeful that high technology businesses will look to the Isle of Man as their preferred location, and know that the UK"s Treasury and the Department of Trade and Industry are working to further develop relations with several multi-national companies.
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