Isle of Man Treasury


The Treasury of the Isle of Man is the finance department of the Isle of Man Government. It prepares the annual budget for the Government, and also handles taxation, customs and excise, economic affairs, information systems, internal audit, currency and the census in the Isle of Man.
The Minister for the Treasury is Alfred Cannan MHK.

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 indirect taxes. The agreement, which is backed by both UK and Manx legislation, means that for VAT, customs and most excise duty purposes the 2 territories are treated as if 1. Most of these indirect taxes and duties are pooled and shared. This negates the need for customs barriers between the 2 countries. Manx legislation exists which mirrors the equivalent UK law where required.
In 1986 the Finance Board was abolished and its functions transferred to the Treasury as part of the reorganisation of the Isle of Man Government on a ministerial basis.

Functions

Customs and Excise operates from Douglas, situated by the steam railway station with approximately 55 staff cover all aspects of Customs and Excise work. There are approximately 9,000 traders currently registered for VAT in the Isle of Man and this figure is steadily growing, reflecting the interest shown on the Island as a business centre. 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 and these duties can range 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 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 complement 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 are seeking 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 bought using the seized proceeds of illegal activities
Previously the Division had a Cutter 'Panther' that was gifted to Sierra Leone to be used for fisheries enforcement
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.
Below is a list of Assigned matters to the Division