The Manx TaxPayers’ Alliance has joined Brand Solidarity, a global team bringing brands together to express a chorus of support for the people of Ukraine.
Rarely in history has there been such a brutal attack on an innocent country, and a virtually universal outcry against it.
Ukraine Government Offers Tax Cuts
The Manx TaxPayers’ Alliance particularly supports the Ukrainian Government’s policy to give tax breaks to any citizen who captures Russian tanks or military equipment. The Ukrainian National Agency on Corruption Prevention said that as scrap, its value does not “exceed 100 living wages,” roughly equivalent to £6,250. Unfortunately, reports that Ukrainians are selling Russian tanks on eBay appear to be fake – but this shows that cutting taxes can encourage people to do good things.
Reuters has also reported that Ukraine’s parliament approved significant tax cuts, including reducing taxes to a single 2% rate:
The new bill was backed by President Volodymyr Zelenskiy, who has called for the government to ramp up support for small and medium-sized businesses in particular.
The new incentives include a new single 2% tax rate for all businesses with turnover of less than 10 billion hryvnia ($338 million) compared with a previous value-added tax of 20% and 18% tax on profit, Shmygal said in a statement.Ukraine approves sweeping tax breaks to help businesses weather the war
Hosting Refugees in Isle of Man
Isle of Man residents can register to potentially host refugees from Ukraine online now. Hosting refugees is a wonderful demonstration of Manx civil society, and the Isle of Man Government should allow such in-kind support to be tax deductible.
People in the Isle of Man can also donate financially to the Disasters Emergency Committee online immediately.
Brand Solidarity has been formed by Marcel Knobil founder of Superbrands (the world’s independent brand authority) and branding agency Creative & Commercial. Patrons already include: Anthea Turner (TV Presenter); Brent Hoberman (Chair, Founders Forum); David Haigh (Chairman and CEO, Brand Finance plc); Jeremy King (Restaurateur); Sir John Hegarty (Founder and Creative Director, The Garage Soho); Nick Keller (Founder and CEO, Beyond Sport); Simon Woodroffe (Founder, YO! Company); Sophie Devonshire (Author and CEO, The Marketing Society) and Trevor Beattie (Film-Maker).