Amendments to VAT Act enacted in Isle of Man

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On 15 November 2016, the recently published Value Added Tax (VAT) Act 1996 (Amendment) Order 2016 was approved by Tynwald and applicable from 1 October 2016. According to the amended section 48 of the VAT Act 1996, the Treasury may require a taxable person established abroad to assign a VAT agent, which is jointly and severally accountable for the taxable person’s VAT obligations.

The VAT agent must be a person established, or with a fixed establishment in the Isle of Man or usual place of residence or permanent address is in the Isle of Man. However, the Treasury may reject to register the existing registration of a VAT agent where such agent is not a proper person to act in that capacity.

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