“MEETING THE CHALLENGE”

Introduction

Mr President,

I am sure that all Honourable Members, and indeed our community generally appreciate the wholly exceptional circumstances within which we have had to produce a balanced Budget today.

The Isle of Man is in a unique Customs and Excise union with the UK and by virtue of this agreement, forms part of the Customs, Excise and VAT territories of the European Union. This effectively means all rates of duty, VAT, forms, processes are familiar and proven, giving simplified access to the UK and the rest of Europe, but in a low tax environment.