Busy schedule ahead for Chamber members | July 2020

Chamber is working hard to help businesses recover from the events of recent months, and support the Island’s economic recovery.

Date: Wednesday 22 July 2020

A summary of the latest news from the Island’s biggest business network, and some dates for your diary.

Treasury Minister’s post-Budget briefing

Minister Alf Cannan MHK will be giving an exclusive update (via Zoom) to Chamber members from 9am to 10am on Wednesday July 22nd. Chamber members should have already received invitations.

AGM (The Nunnery, September 11th)

Professor James Curran, who wrote the IMPACT (Isle of Man Programme for Achievement of Climate Targets) report for Isle of Man Government, will be the guest speaker via Zoom. Chamber President Caren Pegg will also be announcing the organisation’s manifesto which aims to ensure that the interests of the Island’s business community are to the fore during next year’s General Election. The AGM is sponsored by Celton Manx. Tickets are available now via www.iomchamber.org.im

Sector webinars

Since the Island emerged from lockdown, Chamber has organised nine webinars focused around the preparation of Chamber's manifesto and mid to long-term priorities. This will be a key piece of work that will be utilised to develop its on-going strategy, and challenge Government where necessary. So far Chamber has hosted webinars for the following sectors: construction, retail, visitor economy, digital finance and professional services, charity, STEM, health and wellbeing. The final webinar in the series (about the logistics and transport sectors) is scheduled for the week commencing July 20th, check the Chamber website for details.

VAT changes

Chamber welcomes the recent news about changes to VAT. President Caren Pegg said: “It’s a much needed boost for businesses that have been most affected by the Covid-19 crisis, especially those in the retail, tourism and hospitality sectors. We believe that these changes will help to support the recovery of businesses in those sectors, all of which are important to the Island’s economic future. Other potential impacts of the VAT changes are more complex. The reduction in VAT may impact the Isle of Man's share under the Final Expenditure Revenue Sharing Arrangement (FERSA) with the UK Government, but because of the way we believe that agreement works, this is not likely to be immediate. It is our understanding that if the overall VAT take reduces generally between the two countries then the Isle of Man’s share is ultimately likely to reduce. The change in VAT rate will not affect the agreement itself, and of course VAT rates can and have changed over the years without impacting the underlying agreement. Therefore, the extent of any economic impact is not likely to be known for some time.”

 

For more information about events, and to join Chamber, go to www.iomchamber.org.im