Mediaboss Marketing

by Leah Dunford

Although Isle of Man residents are up to 30% better off than US citizens, the ageing population could be destined to have a serious impact on Manx prosperity in future, according to RBS Group economist, Stephen Blackman.

Addressing a gathering of finance professionals in the Isle of Man, Stephen Blackman warned that the Isle of Man was entering a period when the proportion of the population who were not of working age would be on such a scale that local prosperity would be adversely affected, unless measures were taken to address the issue.

He told the audience that the Isle of Mans standard of living was under threat simply from natural demographics.

He reached this conclusion through an analysis which compared the wealth of the Isle of Man with the USA and competitor jurisdictions such as Jersey. By comparing GDP (gross domestic product) per head, based on how many people as a proportion of the population were of working age, how many hours on average they worked and how productive they were for every hour they worked, he produced figures that showed that the Isle of Man and Jersey were broadly similar in terms of their prosperity per head, and three times richer than the US. However the figures also highlighted that this position was under threat because of the ageing population. He commented:

The Isle of Man like the rest of the world is seeing a rise in the old age pensioner ratio compared to the number of working age and the number in employment is going to be hit because of it. In order to maintain its standard of living in terms of GDP per head therefore, either people are going to have to work harder or become much more productive or the Isle of Man is going to have to boost its population.

He added:

The big debate that is going to have to take place in the IoM, and its already started in Jersey, is how do the Islands manage to maintain the quality of life which they have become accustomed to and which are essential for Island life and balance that with the need to increase population. Without an increase in population with an ageing society, and based on these figures, the standard of living in terms of GDP per head is going to naturally fall.

- Ends -

people are going to have to work harder or become much more productive or the Isle of Man is going to have to boost its population.

View post:
Population Issues To Be Considered If Isle of Man Is To Maintain Prosperity, Warns Economist

16.22 Chancellor George Osborne has been invited to put his pasty where his mouth is and see how a pasty tax would work in a branch of Greggs. The chief executive of the bakers, Kennedy McMeikan, has offered Mr Osborne the chance to see why the tax would be difficult to enforce.

16.17 The chief executive of the West Cornwall Pasty Company, Gavin Williams, has spoken out about the pasty tax. He said:

We thank him for his glowing endorsement of our quality product and for helping to spread the news that a West Cornwall Pasty Company pasty is the best around.

However, what we really need from Mr Cameron right now is not advertising but clarity and leadership.

We would have hoped that if he had been rubbing shoulders with our customers he'd better understand the impact that this move will have on them, and our sector and all the great suppliers within it.

This is not about the West Cornwall Pasty Company but about the Cornish pasty industry as a whole and as the country's biggest specialist retailer we need to stand up for everyone within it.

16.11 He may be unsure of exactly where he bought his last pasty but David Cameron was certainly filmed eating one in May 2010 in footage from ITV News.

David Cameron tucks into a pasty during his final weekend of campaigningin Woodstock, Oxfordshire.

15.49 Why should the Chancellor stop at taxing pasties? asks Jenny McCartney.

Take chips, for example, and not just the ones that so many of Georges critics seem to have indelibly embedded on their shoulders.

Read the rest here:
Pasty tax: as it happened March 28

The sweeping new IRS licensing scheme endangers the livelihood of an estimated 350,000 tax preparers and harms the nearly 100 million taxpayers who rely on paid tax preparers. That's why the Institute for Justice recently filed a federal lawsuit on behalf of three independent tax preparers, challenging regulations that require preparers to get the IRS' permission before they can work.

By Justin Sullivan, Getty Images

The IRS claims this is for consumer protection, pointing to error rates on tax returns. But the tax code is so complex that, according to a government study, even IRS employees answer tax questions correctly and completely less than half the time. To reduce errors, perhaps we ought to simplify the tax code, not create more red tape.

The real effect of this licensing scheme is to raise prices.

Compliance will be expensive for preparers, and those costs will be passed on to taxpayers. Further, these regulations will force many preparers out of business. That's precisely the purpose of licensing schemes: reduce competition, drive up prices.

About Editorials/Debate

Opinions expressed in USA TODAY's editorials are decided by its Editorial Board, a demographically and ideologically diverse group that is separate from USA TODAY's news staff.

Most editorials are accompanied by an opposing view a unique USA TODAY feature that allows readers to reach conclusions based on both sides of an argument rather than just the Editorial Board's point of view.

So who do these regulations really protect? Investment bank UBS found that the regulations help H&R Block by creating "barriers to entry" for "small preparers." That's why major tax prep firms supported the regulations; they can absorb compliance costs that drive smaller competitors out of business.

Despite these serious drawbacks, the IRS offers no evidence that the licensing scheme will be any more effective than a voluntary certification program, which would allow taxpayers freedom to choose. Some taxpayers might prefer a certified preparer, while others might favor a friend, relative or preparer they have used for years.

Excerpt from:
Opposing view: Overturn IRS license scheme

TORONTO, March 28, 2012 /PRNewswire/ -

FEATURES

The Business of Journalism Tax tips for freelancers Tax time can be dizzying for journalists: What can be deducted? What is a legitimate expense? If you're self-employed, how do you manage numerous revenue sources?Miles Kenyonhelps to make sense of all of this, with advice from journalists and an accountant. Link to article

Law Does freedom of the press come at a higher price for student journalists? A visit from the bailiff indicating you face a potential lawsuit for something your story linked to: Not exactly the best day in a student press newsroom. Emma Godmere, national bureau chief of Canadian University Press, explains what happened when she recently faced this situation and how lopsided legal battles such as a student newspaper vs. university bureaucracy can stifle freedom of the press. Link to article

The Business of Journalism Aggregation, real reporters and local ads: CBC tests online-only news in Hamilton The CBC Hamilton news service is a first for the public broadcaster: A stand-alone website with no radio station and no television outlet. Arik Ligeti reports on why CBC decided to try this now, and looks at what it will add to the local media market, which has already seen at least one online-only outlet fold. Link to article

Town Hall The racial and cultural implications of rapping the Elements of Style Last year's adaptation of the Elements of Style wasn't the first time young, white, educated males have parodied hip hop, and it surely won't be the last. But Chris Richardson, a media studies PhD candidate at Western University, says that lost in the chuckles and grammatical debates is a discussion of what it means for journalism students to parody a popular style of music closely associated with African-American culture. Link to article

EVENTS CALENDAR

IN THE NEWS

RECENT POSTS

TOWN HALL

Read the rest here:
Now on J-Source: Tax tips for freelancers; Linking liability; CBC goes online-only in Hamilton

Economic zone open to Taiwan investment and 'is not political'

There are no political motives behind the setting up of a special economic zone in Fujian province that is open to Taiwan investment, a mainland official said.

The Pingtan Experimental Zone "belongs to the economic domain", and is not an experimental laboratory for the "One Country, Two Systems" policy, Yang Yi, spokesman of the State Council's Taiwan Affairs Office, said at a news conference in Beijing on Wednesday.

Yang highlighted the attractiveness of the mainland's economic policies and urged Taiwan to reciprocate.

With an area of about 324 square kilometers, Pingtan is the closest mainland island to Taiwan. The mainland aims to channel 60 billion yuan ($9.53 billion) to develop the zone this year, targeting an overall investment of 250 billion yuan during the 2011-15 period, Fujian Governor Su Shulin said in Taiwan's Hsinchu city on Sunday.

Su, who went on a five-day visit to Taiwan on Saturday, said that the Pingtan project is a goodwill "package" sent across the Straits.

"We would like to open the package and let everyone look inside to see whether the gift comes from genuine goodwill or has strings attached," Su said in a speech on Tuesday when he met Lien Chan, honorary chairman of the Kuomintang, Taiwan's ruling party.

"If the answer is positive, we are ready to offer it at anytime," he said.

"I believe Pingtan will become a modern metropolis within a decade," he said.

Tang Yonghong, deputy director of the economic research office of the Taiwan Research Institute in Xiamen University, said some Taiwan politicians have overreacted and targeted the development of Pingtan as political.

See original here:
Pingtan project 'just for business'