SleepyJoe Posted September 21, 2022 Share Posted September 21, 2022 1 hour ago, The Phantom said: It's 'Substance'. Certain types of business need to have a real substance and presence here and demonstrate that key decisions are made and real activity goes on here, generally through some staff and directors. You now have to make a declaration as part of your company tax return. Same with most jurisdictions internationally to be honest. https://assets.kpmg/content/dam/kpmg/im/pdf/kpmg-isle-of-man-substance-requirements.pdf BVI has lost a lot of business due to this. They were traditionally literally just a company factory. They have limited real fiduciary offerings for experienced directors and managers to run companies from there. I've seen a lot of companies therefore transfer from BVI to here, as we can offer these bona fide services, experience and knowledge. To be honest, it's always been the way if any companies are actually looked into by another jurisdiction's tax investigators. Most countries have what is known as 'Management & Control' rules that state if you undertake all of these activities and key decisions are made from jurisdiction X but the company is registered in jurisdiction Y, then they will just ignore the fact it is in jurisdiction Y and tax it as per jurisdiction X. However if the company doesn't have any taxable income or say you live in Dubai or something then it becomes a bit of a moot point. Long gone are the days that you could just set up a brass plate business on the IOM and run it from somewhere completely different. Using an IOM server farm of some sort would surely help? Anyway, you clearly have good knowledge in this area - hope Digital IOM and consulting closely with folks like yourself to come up with the policy the island needs Now, who's the politico in charge - is it the largely digital free Ann Corlett MHK by any chance? Quote Link to comment Share on other sites More sharing options...
Moghrey Mie Posted September 21, 2022 Share Posted September 21, 2022 (edited) 26 minutes ago, SleepyJoe said: We also need to know what adequate green credentials are to these companies Renewable energy for a start. Circular economy for another. Other islands are doing much more than the IOM. www.islandinnovation.com Edited September 21, 2022 by Moghrey Mie 1 Quote Link to comment Share on other sites More sharing options...
SleepyJoe Posted September 21, 2022 Share Posted September 21, 2022 1 hour ago, cissolt said: Which begs the question of why we need another 15,000 people? I had higher hopes for Dr Allanson, but it turns out he just believes whatever the senior civil servants tell him. Another comin yes man. Shame. We don't - it'd just mean the necessity for further infrastructure investment to cope with increased population Tho' they have an interest obviously, I'm not sure that it's civil service policy either - tho' I stand to be corrected It's surely coming from CM Cannan himself in an effort to make the many headed hydra of silo government affordable, which it isn't Quote Link to comment Share on other sites More sharing options...
SleepyJoe Posted September 21, 2022 Share Posted September 21, 2022 5 minutes ago, Moghrey Mie said: Renewable energy for a start. Circular economy for another. Other islands are doing much more than the IOM. www.islandinnovation.com It's .co https://islandinnovation.co/ Quote Link to comment Share on other sites More sharing options...
The Phantom Posted September 21, 2022 Share Posted September 21, 2022 2 minutes ago, SleepyJoe said: Using an IOM server farm of some sort would surely help? Anyway, you clearly have good knowledge in this area - hope Digital IOM and consulting closely with folks like yourself to come up with the policy the island needs Now, who's the politico in charge - is it the largely digital free Ann Corlett MHK by any chance? Server farm - Yep. If your product/asset is digital and it is stored and provided from the IOM, then this helps with the bona fides that the activities genuinely occur here. Not sure if you're aware, but thanks to Pokerstars et al, there are already significant farms and capabilities in this sector here. If you read the Substance Rules, they do specifically highlight and limit 'High Risk IP companies'. This is to stop say Amazon or similar companies with high value existing digital IP just being transferred to the IOM. It needs to be developed here or started off when it has minimal real value, so real start-ups. Govt consulting industry? Please don't even get me started... 2 Quote Link to comment Share on other sites More sharing options...
Banker Posted September 21, 2022 Author Share Posted September 21, 2022 1 hour ago, cissolt said: Which begs the question of why we need another 15,000 people? I had higher hopes for Dr Allanson, but it turns out he just believes whatever the senior civil servants tell him. Another comin yes man. Shame. To pay taxes to fund health, pensions etc for our very aged population, even Guernsey which has c63.5k in a 4 by 3 miles island is planning on attracting an extra 300 per year net to fill health, education jobs 1 Quote Link to comment Share on other sites More sharing options...
Steady Eddie Posted September 21, 2022 Share Posted September 21, 2022 1 hour ago, BriT said: About 25 questions unanswered by Allison. They just gave up. Quite a few sounded frustrated that they’d turned up but they weren’t interested in opinions or interacting at all. They clearly had no intention of answering any of the questions put to them which to my mind questions the validity of the whole event. What is the point of turning up if they’re going to sit there and ignore any question you want to ask? Or be selective in what they answer? The App has a polling and rating system to allow other attendees to rank the questions they wanted answering and they even looked like they’ve ignored many of those that people had voted for. 1 Quote Link to comment Share on other sites More sharing options...
Wavey Davey Posted September 21, 2022 Share Posted September 21, 2022 1 hour ago, SleepyJoe said: Mrs Caine is no more out of her depth than any of those who judge themselves competent to govern What a predictable reply from the Daphne Fanboy. Can you please explain so far what she or her climate change team has actually done in relation to anything since last September (aside from protesting against Crogga)? The answer is literally nothing. And the answer next year and the year after will also be literally nothing. Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted September 21, 2022 Share Posted September 21, 2022 2 hours ago, cissolt said: I had higher hopes for Dr Allanson, but it turns out he just believes whatever the senior civil servants tell him. Another comin yes man. Shame. Other than an electoral mandate from the people of Ramsey, what qualifications does Dr Allanson hold in matters fiscal? 1 Quote Link to comment Share on other sites More sharing options...
NoTail Posted September 21, 2022 Share Posted September 21, 2022 (edited) 6 minutes ago, Wavey Davey said: What a predictable reply from the Daphne Fanboy. Can you please explain so far what she or her climate change team has actually done in relation to anything since last September (aside from protesting against Crogga)? The answer is literally nothing. And the answer next year and the year after will also be literally nothing. Yesterday she clearly stated that her job was to do nothing. Indeed she has no power to do anything. The idea is that her department is to set targets etc for other departments to do something. So far, as far as I can tell, they haven't done anything either, yet. Edited September 21, 2022 by NoTail 1 1 Quote Link to comment Share on other sites More sharing options...
Wavey Davey Posted September 21, 2022 Share Posted September 21, 2022 6 minutes ago, NoTail said: Yesterday she clearly stated that her job was to do nothing. Indeed she has no power to do anything. The idea is that her department is to set targets etc for other departments to do something. So far, as far as I can tell, they haven't done anything either, yet. She should be sacked. A £400m Sustainability Bond issue to back a political dead donkey. We’ve just put our grandchildren into debt just to buy £400m worth of bullshit. 1 Quote Link to comment Share on other sites More sharing options...
Banker Posted September 21, 2022 Author Share Posted September 21, 2022 7 minutes ago, Non-Believer said: Other than an electoral mandate from the people of Ramsey, what qualifications does Dr Allanson hold in matters fiscal? Well having qualified as a doctor means he certainly has a much higher intellect, able to understand complex issues more than the vast majority of MHKs & general public so suppose that’s a start 3 Quote Link to comment Share on other sites More sharing options...
SleepyJoe Posted September 21, 2022 Share Posted September 21, 2022 24 minutes ago, Wavey Davey said: What a predictable reply from the Daphne Fanboy. Can you please explain so far what she or her climate change team has actually done in relation to anything since last September (aside from protesting against Crogga)? The answer is literally nothing. And the answer next year and the year after will also be literally nothing. Perhaps we have a government that is paying lip service to climate change response I'm surprised the lady hasn't resigned, but perhaps she doesn't want to abandon the effort when there is so little support from CoMin & right wing climate change denying fruit loops like yourself The Sustainable Bond Fund is managed in a 'sustainable' way - it's for Cannan's projects, not climate change response. The bulk of the £42m supposedly allocated to climate change response is within department budgets, not to the Climate Board - they have £3m at max I think Climate Response plan is to come before Tynwald early next year I think - it's unlikely that the Cannan government will devote anything like priority to it's implementation Quote Link to comment Share on other sites More sharing options...
BriT Posted September 21, 2022 Share Posted September 21, 2022 8 minutes ago, SleepyJoe said: The Sustainable Bond Fund is managed in a 'sustainable' way - it's for Cannan's projects, not climate change response. The bulk of the £42m supposedly allocated to climate change response is within department budgets, not to the Climate Board - they have £3m at max I think It’s been the biggest inter generational con trick going. Daphne Caine should resign. There’s nothing dignified n spending 5 years pretending to do something on £70K a year. Quote Link to comment Share on other sites More sharing options...
SleepyJoe Posted September 21, 2022 Share Posted September 21, 2022 Is Mrs Caine supposed to use her parliamentary salary to do the climate change response work that government itself can't be arsed to do? Quote Link to comment Share on other sites More sharing options...
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