Isle of Man: No major tax changes in 2022 budget

No material changes to the national insurance system

No material changes to the national insurance system

The Treasury Minister presented the budget for 2022 on 15 February 2022.

The Treasury Minister confirmed a monitoring of the ongoing work of the Organisation for Economic Cooperation and Development (OECD) and the EU with regard to international tax developments, particularly the introduction of the 15% global minimum tax that would apply to groups with turnover in excess of €750 million. It was confirmed that this initiative would only have an effect on a relatively small number of companies on the Isle of Man. However, this is the most significant international tax initiative and will need to be monitored closely over the coming months by those businesses that are potentially affected.

In addition, there were no material changes to the national insurance system in the 2022 budget.

Read a February 2022 report prepared by the KPMG member firm on the Isle of Man


 

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