UK: Double tax treaty with Isle of Man enters into force

27 December, 2018

The double tax treaty between the UK and the Isle of Man entered into force on 19 December 2018. The treaty replaces the 1955 Arrangement between the UK and the Isle of Man for the avoidance of double taxation which ceases to have effect from the

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Turkey: TIEA with Isle of Man enters into force

12 October, 2017

A new Information Exchange Agreement regarding tax matters (TIEA) was entered into force on October 7, 2017 between the Turkey and the Isle of Man. This Agreement provides for the effective exchange of information regarding tax matters between the

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U.S. and Isle of Man sign an agreement on the exchange of country-by-country reports

27 July, 2017

According to an IRS announcement on its website, the competent authorities of U.S. and the Isle of Man have concluded an arrangement on the exchange of Country-by-Country Reports. The competent authority arrangement (CAA) for exchange of

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Isle of Man signs MLI to prevent tax avoidance

08 June, 2017

On 7 June 2017, the Treasury Minister of Isle of Man, Mr. Alfred Cannan MHK has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”) in

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Isle of Man enacts Budget for 2017-18

08 March, 2017

The parliament of Isle of Man approved the measures of Budget for 2017-18 were enacted by way of: Income Tax (Rates of Income Tax) (Resident Non-Corporate Taxpayers) Order 2017; Income Tax (Resident Individuals) (Income Tax Cap) Order 2017;

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Isle of Man: Treasury Minister presents Budget for 2017-18

27 February, 2017

On 21 February 2017, the Treasury Minister presented the Budget 2017-18 in Tynwald. Details of the draft proposals are summarized below: Key features of the 2017-18 Budget include: Personal income tax allowance increased by £2,000 to £12,500,

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Isle of Man: VAT relief for importing small non-commercial consignments

23 January, 2017

According to Directive 2006-79-EC, the Value Added Tax (VAT) relief is available for imports of small non-commercial consignments of merchandise from other countries and the maximum cost of qualifying merchandise is increased to GBP 39 from GBP

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Isle of Man: New regulations for accounting records

22 January, 2017

On 20 January 2017, the income tax regulations 2016 come into effect for accounts and financial records and in accordance with this regulation taxpayers are required to store accounts and financial records for at least 5 years. Non-compliance with

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Isle of Man: Consultation response for additional requirements regarding accounting records

15 January, 2017

The Income Tax Division of Isle of Man published a summary of responses received from the stakeholders to the consultation on enhanced requirements for accounting records on 6 January 2017. According to consultation, the Treasury believes that no

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Protocol and exchange of letters to DTA between UK and Isle of Man enter into force

11 January, 2017

On 29 November 2016, the exchange of letters and amending protocol of double tax agreement (DTA) between Isle of Man and United Kingdom was entered into force and that was signed on 8 March 2016 by the Isle of Man and on 29 February 2016 by the

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Isle of Man releases an industry advisory notice

02 January, 2017

On 21 December 2016, the income tax department of Isle of Man released a new Industry Advisory Notice that applicable to all financial organizations, sponsors, agents and third parties concerning the automatic exchange of information in respect of

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Amendments to VAT Act enacted in Isle of Man

20 December, 2016

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

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TIEA between Isle of Man and Turks and Caicos Islands enters into force

18 December, 2016

On 29 December 2016, the tax information exchange agreement (TIEA) between Isle of Man and Turks and Caicos Islands will enter into force. The agreement will apply from 29 December 2016 for criminal tax matters and from 1 January 2016 for the

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Isle of Man extends deadline for online filing of income tax returns

10 April, 2016

The Treasury department of the Isle of Man issued a press release on April 07, 2016 announcing that the deadline for the online filing of corporate and individual income tax returns has been extended to 11 April 2016. Primarily, the returns had to

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Romania and Isle of Man sign TIEA agreement

09 November, 2015

A tax information exchange agreement (TIEA) was signed between Romania and Isle of Man on November 4,

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Indonesia: Tax Information Exchange Agreement (TIEA) with the Isle of Man enters into force

21 October, 2014

The Tax Information Exchange Agreement (TIEA) between Indonesia and the Isle of Man entered into force on 22 September 2014. The Ministry of Foreign Affairs of the Republic of Indonesia in Jakarta has confirmed regarding the agreement. The agreement

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FATCA between US and Isle of Man enter into force

05 August, 2014

Isle of Man and the United States Foreign Account Tax Compliance Act (FATCA) Agreement entered into force on 30 June 2014 and consequently takes effect for the Isle of Man from 1 July 2014. Under the agreement, Foreign Financial Institutions (FFIs)

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The United Kingdom and Isle of Man sign automatic exchange of information agreement

03 November, 2013

The United Kingdom and Isle of Man signed an automatic exchange of information agreement on 10 October 2013. In the agreement, that follows the accord signed between the United Kingdom and the United States to execute reporting of information

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