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The Isle of Man is however required to comply with the E.U. Code of Conduct on Business Taxation and other international initiatives designed to eliminate discrimination between taxpayers. This means, essentially, that the tax treatment of local and offshore companies should be the same. The Island decided some time ago that it would meet its obligations by introducing a zero rate of taxation for all companies except those engaged in certain finance sector activities and the Government has now issued a consultation paper outlining how it is proposed that the new system will operate. From April 2006 the distinction between offshore and locally resident companies will disappear and companies will be classified as distributing or non-distributing. A distributing company will be one of the following,
- Where the whole of the distributable profit has been charged to tax at the rate of 10% or
- Where the company has distributed a specified minimum of its distributable profit, expected to be 60% for a trading company and 100% for an investment company or
- A company owned wholly by non- residents, regardless of what percentage of profit is actually distributed.