Ernst and Young's Tax Services - Ernst & Young - Isle of Man

Transfer pricing is the No. 1 tax issue for multinationals. So how do the rules differ from country to country? How has the economic crisis impacted them? We surveyed experts and tax authorities in 49 jurisdictions to find out.

Zero rate of income tax for all companies - A standard 0% rate of corporate income tax has been introduced for all companies except for banks and companies deriving their income from Isle of Man land & property, which will be taxed at 10%. The 0% rate applies to both trading and non-trading income and applies with effect from 6 April 2006. There is no requirement to have Isle of Man resident directors and no withholding tax on dividends to non-residents.

Managing tax risk continues to be one of the toughest challenges for tax departments around the world. 541 companies from 18 countries took part in this year's survey, enabling us to identify global trends in tax function priorities, time allocation and success measures. Download the 2008 Ernst & Young Tax risk survey: Steady course: uncharted waters (pdf, 2.5mb)

Welcome to the first Ernst & Young tax newsletter produced specifically for businesses and individuals based in the Isle of Man. Our aim is to keep both our clients and potential clients informed on tax issues which may affect their business. For ease of reference we have divided the content into three sections, Isle of Man, United Kingdom, and International. Click Here (pdf, 258.9kb) 

The Transfer pricing global reference guide is a tool designed to enable international tax executives to quickly identify the transfer pricing rules, practices, and approaches that have been adopted by over 45 countries. These various approaches must be understood in order to complete both compliance and planning activities.

In this new thought leadership (pdf, 89kb) from Ernst & Young's Tax Performance Advisory network, we discuss how companies should address the tax cost of the business, not the cost of the tax function when implementing a cost reduction strategy.

In an era of globally integrated business, a comprehensive tax documentation and retention policy is increasingly vital for multinational organizations. We examine the rules in force in 16 countries around the world and sets out what we believe good tax documentation should cover. Download "Tax documentation goes global" (pdf, 731kb).

With a severe economic slowdown in the global economy, cost reduction efforts are taking on increased importance for companies seeking to maintain profitability and remain competitive. Download the new thought leadership (pdf, 712kb) from Ernst & Young's Human Capital professionals.