Treasury presents 2025-26 Department Plan to Tynwald

Department says it will continue to push for tighter financial controls across government

Treasury has presented its plan for 2025-2026 in Tynwald, setting out what it aims to deliver over the next 12 months, and where its priorities lie.

The document explains how Treasury intends to support the Island's economy, manage public money, and modernise key services such as taxation, benefits, and immigration.

It also highlights ongoing work to improve how government budgets, forecasts, and reports on its spending.

Among the headline items is a continued push for tighter financial management across all government departments, with Treasury stressing the need for budgets to be kept under control at a time of rising pressures.

Work is reportedly underway to introduce a new government-wide financial system, expected to go live next year.

The plan confirms several major legislative projects in the pipeline, including reforms to audit rules, insolvency law, legal aid, and beneficial ownership legislation.

Treasury also claims it will continue preparing for international tax changes linked to the OECD's global minimum tax rules for large multinational companies.

On the frontline, Customs and Immigration will focus on collecting indirect taxes, strengthening border security, and updating immigration processes.

Social Security is set to continue digitising benefits, progressing legal aid reform, and reviewing financial support for households.

Last year, Treasury collected more than £388 million in income tax and nearly £280 million pounds in National Insurance.

Indirect tax receipts - including VAT and customs duties - reached £456 million.

Treasury says its "vision is to support the economy and the economic well-being of the people of the Isle of Man by being the best possible custodian of our financial resources."