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.

Compliance is complicated

Want to learn more about how Tungsten Network makes the process of staying compliant easier?

Updates

10.25.22

  • VAT/G(S)ST rate information
VAT relief for supplies of energy-saving materials

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.