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IOM government conference


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8 minutes ago, Non-Believer said:

Did he happen to mention anything about how they propose to recoup the still rising costs or is that another Great Unmentionable amongst the pigs on the wing?

Just listened to Dr Death saying the economy was in great shape and the government public sector  pension scheme was sustainable , I don't know what planet  he or his script writer are on ,I just counted 93 people in the Royal hall  if it was a show people would be asking for their money back ! ,    great pity is was not live streamed and many more could have looked in  while actually working and fed comments or questions into the sessions ,

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6 minutes ago, Omobono said:

Just listened to Dr Death saying the economy was in great shape and the government public sector  pension scheme was sustainable , I don't know what planet  he or his script writer are on ,I just counted 93 people in the Royal hall  if it was a show people would be asking for their money back ! ,    great pity is was not live streamed and many more could have looked in  while actually working and fed comments or questions into the sessions ,

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.

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9 minutes ago, Omobono said:

Just listened to Dr Death saying the economy was in great shape and the government public sector  pension scheme was sustainable , I don't know what planet  he or his script writer are on ,I just counted 93 people in the Royal hall  if it was a show people would be asking for their money back ! ,    great pity is was not live streamed and many more could have looked in  while actually working and fed comments or questions into the sessions ,

And virtually every question from the floor asked through their app was ignored. Many questioning what’s the point of turning up? 

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3 minutes ago, Banker said:

No questions were asked from app yesterday during health one but did take 3/4 from audience 

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. 

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4 minutes 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. 

What they should do is collate all the questions & provide written answers after conference 

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2 hours ago, code99 said:

attracting companies to the Island with ‘digital presence’ only without (many) people will not be possible under the ‘substantiality’ rules (agreed with OECD) that a company must have certain physical presence on the Island in order to be recognised for tax purposes


We need to know what the substantiality rules we've signed up for actually are, & what they really mean for the island & it's economy in simple terms

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2 hours ago, code99 said:

An interesting point that came up a couple of times was that many companies are adopting ESG principles which will prevent them from investing in/ existing in jurisdictions which do not have adequate green credentials.


We also need to know what adequate green credentials are to these companies

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3 minutes ago, SleepyJoe said:


We need to know what the substantiality rules we've signed up for actually are, & what they really mean for the island & it's economy in simple terms

Substance 

It’s a global undertaking, rather than just the IOM.

The link to the KPMG advice paper explains simply what it is. 

In theory it stops any sham companies being set up that aren’t really offering any services from the IOM other than paying a CSP for a ‘brass plate’.   Although for the last 10 years at least, few bona fide operators would offer this service.

It is intended to ensure that real decisions and activities occur here.  This would either be through CSPs doing more work or through businesses moving some of their Directors/Key Staff to the IOM, or a mixture of both (i.e. the CSP acts as an incubator for the initial start-up with the company moving here eventually) this in turn then means also more work here for Lawyers, Accountants, Banks, Investment managers etc.

Put it this way, I haven’t seen anything not be set up here because of the Substance rules and I have seen quite a lot of business transfer here from other jurisdictions because of the rules and that we can provide these services better than other jurisdictions.

When it was first announced it was thought it would be damaging to the Offshore Finance industry.  In reality we were quite well placed to provide these services instead of other jurisdictions and it’s probably increased business. 

 

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