Revenue generated by these taxes ensure sufficient funds are available
Treasury says this year's Budget forecasts VAT revenues of £356 million, and an additional £84.7 million from other sources, raised by Customs and Excise.
The information will be laid before the May sitting of Tynwald, with future accounts to be presented to the court annually.
The revenue generated by these taxes ensure sufficient funds are available for a range of vital government services.
The release of the figures come ahead of the launch of a household and expenditure survey involving around 1,000 local households.
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