IOM Tax Amnesty Drawing To A Close

by Jason Gorringe, Tax-News.com, London

16 September 2010

The Isle of Man government has warned that the deadline for taxpayers wishing to avail of the tax disclosure scheme is fast approaching.

The scheme, which commenced on July 1, 2010, and is set to be discontinued from September 30, 2010, gives an opportunity to taxpayers who have failed to disclose their income or to register for income tax purposes to bring their fiscal affairs up to date without suffering penalties.

According to the government, provided that a full disclosure of all undeclared income is made by September 30, 2010, the Assessor will, by concession, assess only income tax and will waive any penalties and interest. Any disclosure received after this date will not be subject to the scheme, the government has warned.

The scheme applies to any person who is resident for income tax purposes or who is or should be paying non-resident tax. The scheme is open to individuals, companies, employers, contractors, trustees or any other entity liable to Isle of Man income tax.

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