The amount of money being made from corporate income tax has been the subject of a House of Keys question for written answer.
In it, West Douglas MHK Chris Thomas asked the treasury minister what the estimated corporate income tax payable was in 2013/14 on banking business income, land and property income from Isle of Man sources, and retail business profits above £500,000.
The amounts due and payable in that year were assessed in the previous year and were as follows; banking and business income - £16.57 million; land and property income - £4.48 million.
There was none for the third category, as the ten per cent tax rate for larger retailers only came into effect from April 6 2013.
Predictions for the tax due and payable in the year ending March 31, 2015, are £700,000 and £200,000 higher respectively for the first two categories, and £2 million for retail business profits over £500,000, the first year it will be collected.
Deadline approaching for corporate income tax returns
Beach Buddies reflects on 2024 success as it sets sights on global expansion
Fishing sector 'still a difficult industry to be in'
Committee calls for new sea services framework by end of 2025
