UK - The Isle of Man's investment funds industry has received a major boost with the announcement in the Isle of Man Budget of a new package of initiatives designed to give a competitive edge to its fund management industry.
The package includes:
- An extension of the existing zero rate tax regime on fund managers’ profits to third-party fund administrators and managers of experienced and professional investor funds.
- VAT exemption for experienced and professional investor funds.The above measures are expected to be in place by the summer of 2003.
Treasury minister Allan Bell said: “I am determined to ensure that we continue to provide our finance industry with a sound platform from which to compete for business in international markets.
“Notwithstanding the current downturn in equity markets, the global funds industry continues to experience significant and sustained growth.”
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