Roger Smelly Posted October 13, 2009 Share Posted October 13, 2009 Well folks time to get worried Look Your taxes are going to rise and job loses will also start. This is going to make a few people move off island. Plus you are going to need health insurance. The Isle of man needs to follow jersey's lead. Me thinks they are going to need to run a TT every month to claw back the cash Link to comment Share on other sites More sharing options...
manxy Posted October 13, 2009 Share Posted October 13, 2009 I don't know and therefore asking: What benefits does the IOM have in being part of Great Britain? Are we reliant on Great Britain for financial purposes? (Not sure what that means exactly, but it seems that we jump when they say so) Does the IOM have to restrict their financial services to the UK, EU or US? Could the IOM have a treaty with...say Russia or other country and do the same thing as they do now? Like I said, just asking and I'm not really going anywhere with this, but I'd just like to understand, where we do stand in certain areas. Link to comment Share on other sites More sharing options...
manxy Posted October 13, 2009 Share Posted October 13, 2009 Are we reliant on Great Britain for financial purposes? (Not sure what that means exactly, but it seems that we jump when they say so) The VAT agreement accounts for 60% of IoM Government revenue. Nearly £300m a year. Does that answer your question? If you are a government worker its effectively paying your wages. Thanks Link to comment Share on other sites More sharing options...
localyokel Posted October 13, 2009 Share Posted October 13, 2009 Are we reliant on Great Britain for financial purposes? (Not sure what that means exactly, but it seems that we jump when they say so) The VAT agreement accounts for 60% of IoM Government revenue. Nearly £300m a year. Does that answer your question? If you are a government worker its effectively paying your wages. Link to comment Share on other sites More sharing options...
tribz Posted October 13, 2009 Share Posted October 13, 2009 Could the IOM have a treaty with...say Russia or other country and do the same thing as they do now? I think they've been looking for somewhere to site some missiles since being let down by another island in the 60's, lets go for for it and see how it pans out. Link to comment Share on other sites More sharing options...
Slim Posted October 13, 2009 Share Posted October 13, 2009 The VAT agreement accounts for 60% of IoM Government revenue. Nearly £300m a year. Does that answer your question? If you are a government worker its effectively paying your wages. I'm not trying to downplay the importance of the agreement, but the balance of payments would be a fair bit less than that, if we were to start taking our own vat. Link to comment Share on other sites More sharing options...
Tempus Fugit Posted October 13, 2009 Share Posted October 13, 2009 so when do we set up the customs posts on imports and exports, and make all the big high-street stores run as a Manx registered company and pay Manx vat ? with the UK talking about selling off bookies and bridges they are really scraping the bottom of the barrel Link to comment Share on other sites More sharing options...
manxy Posted October 13, 2009 Share Posted October 13, 2009 Could the IOM have a treaty with...say Russia or other country and do the same thing as they do now? I think they've been looking for somewhere to site some missiles since being let down by another island in the 60's, lets go for for it and see how it pans out. Lol, it would certainly stir things up Link to comment Share on other sites More sharing options...
The Old Git Posted October 13, 2009 Share Posted October 13, 2009 What benefits does the IOM have in being part of Great Britain? ... but I'd just like to understand, where we do stand in certain areas. We're not part of Great Britain, or the United Kingdom, we just has a customs agreement with the UK Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted October 13, 2009 Share Posted October 13, 2009 The VAT "rebate" from UK Treasury is calculated against IOM GDP. Link to comment Share on other sites More sharing options...
wazir Posted October 13, 2009 Share Posted October 13, 2009 I think it's highly unlikely that without the support of the UK or Ireland the Isle of Man could be part of the VAT network. I think it's highly unlikely that any other VAT country would be interested in sponsoring us. If we are to succeed in applying in our own name I think that this would probably require a harmonization of taxes to EU levels (which is the last thing we need). I think that if lose our position in the VAT net we will lose not only a large subsidy but also a very high portion of the trading companies here which need to be able to be VAT registered so that when trade within Europe the VAT can be reverse charged (i.e. is not a cost) rather that being an economic loss. It could be an exodus. I also think that even without VAT with some clever maneuvering it will be possible to continue to play an important part in the world economy. May take a while though. We would be more closely aligned with the Channel Islands... Finally, I think that if this happens it will be a substantial saving for consumers and will result in duty free travel to the Isle of Man. Link to comment Share on other sites More sharing options...
pongo Posted October 13, 2009 Share Posted October 13, 2009 The Passport To Pimlico policies of the past 50 years have been a mistake; the strange alliance of wrongheaded nationalism and money. We have several previous generations to blame for where we are now. The island is too small to be economically independent. The worst outcome at this point will be a compromise which lets the current unsustainable constitutional and economic situation fester a few years longer until another generation has to face it again, even worse. The island is not going to somehow magically emerge as some kind of micro nation. Sooner or later we are going to need to join in with our neighbours. And probably ask them for help. Witness Iceland. At this point I'm inclined to only listen to people who would still be here even if every other house was derelict and the boat only sailed once a week. I'm listening to people who happen to run their businesses here - even in the face of international disadvantages, rather than people who run their businesses here because of the tax advantages etc but would go elsewhere. Link to comment Share on other sites More sharing options...
hboy Posted October 13, 2009 Share Posted October 13, 2009 At this point I'm inclined to only listen to people who would still be here even if every other house was derelict and the boat only sailed once a week. I'm listening to people who happen to run their businesses here - even in the face of international disadvantages, rather than people who run their businesses here because of the tax advantages etc but would go elsewhere. A fantastic point. But there are very few of us left who are here just because we were born here, who just like it here, or simply don't really want to go anywhere else. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted October 13, 2009 Share Posted October 13, 2009 At this point I'm inclined to only listen to people who would still be here even if every other house was derelict and the boat only sailed once a week. I'm listening to people who happen to run their businesses here - even in the face of international disadvantages, rather than people who run their businesses here because of the tax advantages etc but would go elsewhere. If you're doing a survey about it, then if I were you I'd start in Ramsey. Link to comment Share on other sites More sharing options...
Roger Smelly Posted October 13, 2009 Author Share Posted October 13, 2009 Why not just have sales tax instead ? like in the usa. If the vat is lost what needs to be done is become duty free and forget paying the uk tax. Link to comment Share on other sites More sharing options...
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