News

Consultation on enhanced tax requirements for accounting records - Update from the IOM Government

Banner

Income Tax Division, on behalf of Treasury, published the following news release.

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. 

The power to make regulations to achieve this was contained in the Income Tax Bill 2015 and, during the passage of the Bill through the Branches, it was made clear that the Assessor of Income Tax would consult on any proposed regulations drawn up under the new power.  The resulting Act came into operation on 21 July 2015.

Proposed regulations have now been drafted and are contained in a consultation document entitled “Enhanced Requirements for Accounting Records” which has been issued today by the Treasury.  The document also explains why the current legislation needs to be updated and provides a brief summary of the regulations being proposed.

The consultation invites feedback and suggestions on the draft regulations and the closing date for submissions is 26 August 2016. The document is available in the consultations section of the Government website at:

https://www.gov.im/about-the-government/government/government-consultations/.

The consultation document / response is available on the Income Tax Division website at www.gov.im/incometax.

If we at Browne Craine can be of assistance in advising you or your business on the adequacy of your accounting records, please contact us on +44 (0) 1624 629369 or email us at: office@burleigh.co.im

Peregrine Tiagnet ICAEW