Isle Of Man Seeks Feedback On Social Security Review
by Jason Gorringe, Lowtax.net, London
24 March, 2015
The Isle of Man's Treasury Department has published a consultation document on proposals to fundamentally reform the island's National Insurance and Social Security tax systems.
The proposals are based on the findings of a major review, carried out by consultancy Ci65, which were published in November last year.
The review was launched based on concerns that the funding of state pensions is unsustainable in the medium term. Consideration was given to raising income tax rates to allow for the repeal of national insurance contributions, but this proposal was ruled out.
Eddie Teare, Isle of Man Treasury Minister, said: "The National Insurance and Social Security systems touch all aspects of island life and the reforms envisaged would be wide ranging in their effect. Through this consultation we are seeking views and contributions from all interested parties to help inform decisions on the way forward."
"Following the consultation we will develop more detailed proposals about how the systems should look in the future."
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