Isle of Man
View updates
Summary
Navigating the global tax compliance landscape successfully is complex and resource-intensive. Every country has a specific and constantly evolving set of legislated e-invoicing requirements.
Non-compliance, intentional or not, can result in significant financial penalties, business disruption, and reputational damage.
Updates
10.25.22
|- VAT/G(S)ST rate information
The Isle of Man is advancing a distinctly ‘green’ agenda by reducing VAT for specific energy-saving materials to promote environmental benefits.
Further to the introduction of the Value Added Tax Act (Amendment)(No.3) Order 2022, zero rate VAT will be applied to supplies of services and installation of energy-saving materials.
These supplies were previously subject to the reduced rate of 5%.
The implementation will take place retroactively, from 1st April 2022 to 31 March 2027.
The Order also expands the scope to energy-saving materials, to include water and wind turbines, and again serves to underline how fiscal policies can promote wider societal agendas.
Schedule a free consultation
Let us show you how we can support your business to send 100% compliant e-invoices in 54 countries. Please provide your details and one of our team will be in touch.