IOM Announces Interest Rates For VAT, Excise and Custom Duties

by Robert Lee, Tax-News.com, London

03 March 2009

The Isle of Man government has released details of the current default interest rates, which will be charged on payments of VAT, customs duty and excise duty to the IoM Treasury.

The current rates of interest stand as follows:

  • Value-Added Tax will be charged at 5%;
  • Excise Duty (including Air Passenger Duty) will be charged at 3.5%; and
  • Customs Duties (excluding Compensatory Interest) will also be charged at 3.5%.

Compensatory interest is payable to Treasury on diversions of goods imported under temporary import reliefs and which are to be retained in the Island or EU. This rate is set by the European Commission and is adjusted on a monthly basis.

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