Moghrey Mie Posted February 23 Share Posted February 23 https://tynwald.org.im/spfile?file=/business/opqp/sittings/20212026/2024-GD-0021.pdf Quote Link to comment Share on other sites More sharing options...
x-in-man Posted February 23 Share Posted February 23 Fuck me - they have got one. Probably cobbled together after the budget to match it. 2 Quote Link to comment Share on other sites More sharing options...
Moghrey Mie Posted February 23 Author Share Posted February 23 1 hour ago, x-in-man said: Fuck me - they have got one. Probably cobbled together after the budget to match it. It seems to me that it's three basic aims repeated several times. 1 Raise sufficient taxes 2 Fair/ equitable and as low as possible 3 Complying with international standards 1 Quote Link to comment Share on other sites More sharing options...
germann Posted February 23 Share Posted February 23 1 Quote Link to comment Share on other sites More sharing options...
Kopek Posted February 23 Share Posted February 23 'Equitable'? Hmmm , let's see!!! 1 Quote Link to comment Share on other sites More sharing options...
Mercenary Posted February 23 Share Posted February 23 (edited) Reading between the lines, small local businesses in the firing lines as the last avenue for widening tax base (MNCs/HNWIs set out as off limits). Better get applying for a civil service job if you're in that line of work... In my view I don't think you can rely solely on the large Pokerstars etc for a competitive economy. Edited February 23 by Mercenary Quote Link to comment Share on other sites More sharing options...
Moghrey Mie Posted February 23 Author Share Posted February 23 14 minutes ago, Mercenary said: Reading between the lines, small local businesses in the firing lines as the last avenue for widening tax base (MNCs/HNWIs set out as off limits). Better get applying for a civil service job if you're in that line of work... In my view I don't think you can rely solely on the large Pokerstars etc for a competitive economy. Very dangerous to put so many eggs into the gaming/ betting sector. They will move away if rules change in other places. Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted February 23 Share Posted February 23 There is no tax strategy that is going to close the £100M pa gap currently filled by the reserves draw. It's tinkering round the edges while the ship steams full ahead towards the reef. Not even taxing MNCs and HNWs will fill that deficit. The only strategy they have is hoping that a stork with a nappy full of magic beans in its beak gets waylaid here for some reason because Govt numbers cuts are out of bounds. 2 Quote Link to comment Share on other sites More sharing options...
code99 Posted February 24 Share Posted February 24 The tax structure does need to be re-calibrated, but the Island is in a tight spot, with few if any easy solutions. Unless the IOMG receives a substantial material windfall from the agreed International Tax changes (e.g., if Pokerstars and similar companies pay 15% tax here on their profits), then the additional costs of paying for an ever-larger CS/PS will fall on tomorrow’s individual taxpayers. On Manx Radio, Dr Allinson mumbled something about “safety, high standards of living and health and education” that would attract new residents to the IOM, not just the Island’s tax advantages. Unfortunately, over the last 10 years some of these supposed attractions have been considerably degraded. Dr Allinson does not seem to appreciate that we don’t just compete for talent with the UK – we compete for talent with the rest of the world (e.g., in Australia where residents are required to either pay up to 1.5% healthcare surcharge levied on taxable income or take out private medical insurance their Federal Government is currently cutting income tax rates). One of yesterday programme’s guests, John Webster, commented on the decline in business activity due to the Island’s unreliable external transport links. What this means is that the Island desperately needs investment in our core infrastructure. Dr Allinson ducked the issue even though he did budget for capital projects. Couldn’t he have elaborated on what those budgeted capital projects are? When asked about housing, Dr Allinson said young people will be able to afford to purchase their own homes, but he did not provide any specific detail of a targeted tangible housing policy that would make this happen. One way it could happen if some people decide that the Island no longer offers them sufficient benefits to stay here (like unwillingness to pay the NHS Levy) and their ‘exodus’ crashes the housing market. Whether Dr Allinson wants to admit it or not, the main attraction of the Isle of Man remains its tax advantages. If we want to change that, then our private sector economy will have to diversify greatly, and non-jobs in the public sector will have to be rationalised to fit with the size of our population. I would start with binning the DfE and then work up the CS/PS ‘food chain’ while at the same time making working conditions for the front-line staff sufficiently enticing for them to want to live here. 5 1 Quote Link to comment Share on other sites More sharing options...
Moghrey Mie Posted February 26 Author Share Posted February 26 Telling a young person they will be able to afford a house here was wishful thinking. 1 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted February 26 Share Posted February 26 On 2/23/2024 at 8:55 PM, Mercenary said: Reading between the lines, small local businesses in the firing lines as the last avenue for widening tax base The Island is particularly unfavorable for small businesses in my opinion. They need bank accounts for a start... On 2/23/2024 at 9:11 PM, Moghrey Mie said: Very dangerous to put so many eggs into the gaming/ betting sector. They will move away if rules change in other places. Working in the finance industry and approaching govt for various interesting projects and sectors over the years, it's clear that gaming/betting is the only thing they care about. They're hellbent (via the FSA) on killing off every other financial industry. Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted February 27 Share Posted February 27 15 hours ago, Moghrey Mie said: Telling a young person they will be able to afford a house here was wishful thinking. And disingenuous at the very least. He must know that's not true, shirley? 1 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted February 27 Share Posted February 27 1 hour ago, Andy Onchan said: And disingenuous at the very least. He must know that's not true, shirley? He obediently regurgitates what he's told. Just like the rest of them. Quote Link to comment Share on other sites More sharing options...
code99 Posted February 27 Share Posted February 27 (edited) 18 hours ago, Moghrey Mie said: Telling a young person they will be able to afford a house here was wishful thinking. Aaah, but Dr Allinson was talking about some ‘deal’ with the banks (the Friday Budget Special on Manx Radio) to enable "lower wage" residents to obtain a mortgage i.e., the IOMG would act as underwriter for personal housing mortgages. Has he agreed any kind of ‘deal’ with the banks? Has he costed such a deal? Has he included this ‘deal’ in his Budget, etc, etc - is this IOMG policy or wishful thinking... Edited February 27 by code99 2 Quote Link to comment Share on other sites More sharing options...
Dirty Buggane Posted February 27 Share Posted February 27 I did hear him mumbling about if we cut cs headcount front line services will suffer. Wake up and smell the coffee all government services are considered crap, reducing headcount will have absolutely no noticeable difference what's so eve. Stop listening to and regurgitating the dross they are feeding you, sooner an election is called and you get emptied the better at least it will get your fingers out of the reserves. Budget you could not run a budget for a turnip shop. 1 Quote Link to comment Share on other sites More sharing options...
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