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Isle Of Man - Feb 18, 2004 The Isle of Man is positioning itself as a centre serving 21st century technology by extending its zero rate of corporate income tax to businesses involved in the space and satellite industry. The move was announced by Island's Treasury Minister Allan Bell when he presented the Manx Government's annual budget today (Tuesday, February 17, 2004). The Isle of Man already has a zero tax regime for a number of industries - including shipping, insurance and fund management - and is moving to a standard zero rate for business in 2006. Said Mr Bell: "I intend to extend the existing zero-rate to new opportunities as and when they arise. A small but exceedingly promising area is Space and Satellite Technology. This will encompass the manufacture, operation, sale or other activities provided in respect of launch vehicles, satellites or similar assets, including those educational and other training activities that are directly associated with the industry. "A two-day course for representatives from the Island's business community and other interested parties will be given by the International Space University from Strasbourg at the International Business School in May 2004 and will provide an opportunity to impart detailed knowledge of the space industry and the business opportunities it affords the Island's economy. "Companies involved in this high value added category, will from 6 April 2004 be included in the growing number of activities that already benefit from the zero rate band of tax. "I am extremely hopeful that high technology businesses will look to the Isle of Man as their preferred location, and know that the Treasury and the Department of Trade and Industry are working to further develop relations with several multi-national companies. "One such company that provides a range of global communications services via its network of satellites has already established a base on the Island. Such developments fit perfectly within our economic plans and are made possible by the new taxation strategy." The Isle of Man is a Crown Dependency in the British Isles. The Island is one of the world's largest offshore banking, financial services, and insurance industry centres. It is also home to a growing commercial shipping register and a small but focused space and aerospace manufacturing industry. The Isle of Man is a member of the WTO, OECD, IMF, and holds special membership of the EU. Meanwhile, on the political risk front, the Isle of Man Government celebrates 1,025 years of uninterrupted continuous democratic home rule. Community Email This Article Comment On This Article Related Links SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express The latest information about the Commercial Satellite Industry
Orbcomm's Equity Financings Complete
Bremen, Germany (SPX) Jan 06, 2006OHB Technology affiliated company Orbcomm has announced that it has completed equity financings totaling over $110 million led by Pacific Corporate Group (PCG), which committed $60 million. New investors, in addition to PCG, include investment firms MH Equity Investors and Torch Hill Capital. |
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