The Isle of Man now able to Offer Potential Customs & Excise Processing Savings to the Satellite Industry for All European Union Imports & Exports
Douglas, Isle of Man 23rd March 2009 Today, the majority of International Trade coming in and out of the EU is increasingly relying upon electronic facilities for lodging their relevant import/export documents and declarations.
The Isle of Man’s new electronic EPU (Entry Processing Unit), simply referred to as the ‘Isle of Man EPU’, now makes this possible for businesses operating within the UK and from there to Europe.
However, in 2010, a proposed system of ‘centralized clearance’ for customs duties will be introduced across the EU, where-after the Isle of Man EPU will be able to provide an electronic ‘Single Point of Entry’ for all customs and excise imports, no matter where, in the EU, the goods arrive.
This will provide potential Overheads and Cost of Business Savings for the Satellite Industry by facilitating their entire international Import and Export relationship with the EU via one business unit.
Potential time and overhead savings come not only from using a single jurisdiction for all EU wide Customs & Excise requirements, but also from one which offers an established financial services sector that understands and supports space related businesses; that jurisdiction is the Isle of Man.
Businesses utilizing the Isle of Man EPU must have an Isle of Man Duty Deferment Account. Isle of Man Duty Deferment Accounts can be provided within 2 days. Similarly, Isle of Man VAT registration can be provided to qualifying companies in 7 working days or less.
Denis Maxwell, Collector of Customs & Excise, said, “We understand the needs of the satellite communications industry and welcome them. We believe we have a service here that will genuinely improve the facilitation of their business within the European Union.”
Tim Craine, Director of Space Commerce, said, “The Isle of Man is focused on providing an effective and proactive home for the satellite industry. Our focus is on the business of space. We appreciate that in this economy every penny counts.”
About the Isle of Man
The Isle of Man is situated in the heart of the British Isles. The country is an internally self-governing dependent territory of the British Crown http://www.gov.im/isleofman/disclaimer.gov?url=http%3a%2f%2fwww.royal.gov.uk%2foutput%2fPage1.asp . It is not part of the United Kingdom.
Tynwald, the Island’s 1,030 year old Parliament, makes its own laws and oversees all internal administration, fiscal and social policies. External issues, such as foreign representation and defense, are administered on the Island’s behalf by the U.K. Government. The Island makes an annual payment for these services.
The Island has its own Income Tax http://www.gov.im/incometax/ and Customs and Excise http://www.gov.im/Customs/ services and is an established low tax area enjoying total independence from the UK on matters of direct taxation. There is low corporate and personal tax and no capital gains or inheritance tax. As a consequence the Island has developed into a flourishing and internationally respected international business centre.
The Island’s diverse economy combines traditional industries such as agriculture http://www.gov.im/government/departments/agricultural.xml , fishing http://www.gov.im/government/departments/agricultural.xml and tourism http://www.gov.im/tourism with areas of recent growth such as financial services http://www.gov.im/fsc , e-commerce http://www.gov.im/ecommerce , shipping and aircraft registers, space and the film industry http://www.gov.im/dti/iomfilm/home.html .
The Island benefits from a special relationship with the European Union and this allows streamlined movement of goods between the Island and the Union. Regular sea and air services for passengers and freight allow quick and easy access to and from the U.K., the Irish Republic and beyond.
The Island’s economic progress in recent years has achieved a rapidly rising National Income and very low levels of unemployment. With excellent educational
The Isle of Man has a colorful heritage
For further information please contact:
Tim Craine
Director of Space Commerce
Isle of Man Government
http://www.spaceisle.com
Denis Maxwell
Collector of Customs and Excise
Isle of Man Government
http://www.gov.im/treasury/customs/
