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Isle of Man Treasury

The Treasury (Manx: Yn Tashtey) of the Isle of Man is the finance department of the Isle of Man Government. It prepares the annual budget for the Government,[1] and also handles taxation, customs and excise, economic affairs, information systems, internal audit, currency and the census in the Isle of Man.

The incumbent Minister for the Treasury is Dr Alex Allinson MHK. [2]

History

The Finance Board was established in 1962, although the Lieutenant Governor of the Isle of Man functioned as Chancellor of the Exchequer and gave the budget speech in Tynwald until the 1970s.

From 1765 to 1979, the collection of customs revenues in the Isle of Man was undertaken by UK Customs and Excise staff. From 1980, under the terms of the Customs and Excise Agreement of 1979 with the UK, the collection of customs revenue has been undertaken by Manx civil servants. The current Customs and Excise Agreement covers customs duties and many other (but not all) indirect taxes. The agreement, which is backed by both UK and Manx legislation, means that for VAT, customs and most (but not all) excise duty purposes the two territories are treated as one. Most of these indirect taxes and duties are pooled and shared. This negates the need for customs barriers between the two countries. Manx legislation exists which mirrors the equivalent UK law where required.[3]

Functions

Isle of Man Customs and Excise

Customs and Excise operates from Douglas, near the steam railway station, with about 55 staff covering all aspects of Customs and Excise work. There are about 9,000 traders currently registered for VAT in the Isle of Man and this figure is steadily growing. On average more than 100 new applications to register are received per month. The service aims to register new traders within 7 days of application, provided all the relevant information has been provided.

Customs and Excise Division also has important law enforcement functions to perform, ranging from the investigation of local customs offences such as bootlegging of alcohol and tobacco and drug smuggling into and out of the Isle of Man through to assisting other jurisdictions with the investigation of international money laundering.

In the area of financial crime the Division works closely with the Financial Intelligence Unit (FIU) and currently there are intelligence officers and investigation officers working with their police colleagues at the FIU.

The Division's law enforcement work contributes to the Chief Minister's Drug and Alcohol Strategy, which complements its performance of the more traditional customs work including attendance at ports and the airport, dealing with passengers, examining freight, courier and postal packets, road fuel testing and excise visiting. In most of these areas officers seek to seize offending items and to disrupt those that try to bring into the island prohibited or restricted goods, which include drugs, alcohol, tobacco, weapons, paedophile materials and endangered species or meat products. Where prohibitions are broken the division has close working and intelligence sharing with the Isle of Man Constabulary.

The Division also operates a 7.5 metre trailer based rigid-hulled inflatable boat (RHIB) bought using the seized proceeds of illegal activities.[3]

Previously the Division had a cutter Panther, but it was gifted to Sierra Leone to be used for fisheries enforcement.[4]

In addition to its customs role relating to import and export prohibitions and restrictions, the Division is responsible for administration of export licensing and export controls, these being in addition to controls on the removal of cultural items administered by Manx National Heritage. It is also responsible for administering UN and EU sanctions, both trade-based and financial sanctions.[3]

Below is a list of Assigned matters to the Division:[5]

Non-Governmental Agencies reporting to Treasury

Ministers for the Treasury

Chairmen of the Finance Board

References

  1. ^ "2008–09 Isle of Man Budget at a Glance". Isle of Man Treasury. Archived from the original on 4 July 2008. Retrieved 28 May 2008.
  2. ^ "Dr Alex Allinson appointed Treasury Minister". gov.im. 20 May 2022. Retrieved 24 May 2022.
  3. ^ a b c "Isle of Man Government - Customs and Excise Division".
  4. ^ "IOM Customs boat to be gifted to Sierra Leone".
  5. ^ "Treasury Customs and Excise Division - Notice 1003 MAN Assigned Matters" (PDF). Isle of Man Government. June 2016.

External links