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| Isle Of Man Confirms VAT Rate Increase For 2010 |
by Robert Lee, Tax-News.com, London
Wednesday, November 18, 2009
The Isle of Man government has issued a reminder confirming that the standard
value-added tax (VAT) rate will increase to 17.5% with effect
from January 1, 2010, in line with the UK.
The VAT rate cut to 15% entered into force on December 1,
2008, but was always considered as a temporary measure to buoy consumer consumption
during the recession.
According to the Isle of Man government, special arrangements have been put
in place to ease the administrative burden of those who will trade through
New Year's Eve into New Year's Day, such as bars and telecoms businesses – again in line with the UK; for these businesses, the VAT rate will revert to 17.5% after 6:00 am on January 1. For most registered businesses, however, the increased
standard rate will be effective after midnight of December 31, 2009.
The Collector of Isle of Man Customs, Denis Maxwell, said: "We are putting
this message out now to ensure that businesses have time to organize their affairs
to cope with the change."
Treasury Minister Alan Bell added: "It is our understanding that
the rate will revert, but we will be keeping a close eye on the Chancellor's
pre-budget statement, which he will make on December 9, 2009, just in case there
are any further changes for VAT."
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