The Isle of Man, which is located in the British Isles, and is a self-governing democracy, has announced that it will be introducing zero rate corporate tax with effect from April 2006, as the island, which is located in the Irish Sea between England and Ireland, hopes to attract video game companies with new tax breaks.
"The zero taxation initiative supports our overall economic plan to ensure that interactive entertainment and computer game companies experience financial success in the Isle of Man," said Tim Craine, Director of E-Business for the Isle of Man Government. "Our pro-business government policies help companies minimize their operating and growth costs, which allows them to become more profitable. We encourage high-tech businesses with plans to expand into Europe to look closely at the Isle of Man as their preferred location."
The island has also announced that the Isle of Man Government provides grant packages of up to 40% to help offset the cost of moving, setting up operations and acquiring new office equipment.
In addition, more than $90 million has been invested in the Island's telecommunications infrastructure over the past five years, including implementation of this Super Fast (HSDPA) 3.5G network, two self healing (SDH) fiber rings connecting the Isle of Man to both the UK and Ireland, 100 percent broadband coverage, and free ADSL and ISDN connections available for businesses and individuals.