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New Requirements for Accounting Records and Updated Guidance on the Taxation of Distributions from Corporate Taxpayers - Update from the IOM Government
On 20 January 2017 new income tax regulations came into operation in the Isle of Man regarding the making and keeping of accounting records. The new regulations (SD 2016/0343) strengthen the Island’s income tax legislation regarding the making and keeping of accounting records and introduce the international standard for the record retention period.
Consultation on enhanced tax requirements for accounting records - Update from the IOM Government
A consultation has been launched on the updating of the Island’s income tax legislation on the making and keeping of accounting records to meet international standards.
Tax net closes in on over £4 million of undeclared income - Update from the IOM Government
Treasury Minister Eddie Teare MHK has warned that time is running out for Isle of Man taxpayers who have failed to declare income totalling more than £4 million.