The Isle of Man government has released guidance on the Income Tax Voluntary Disclosure Scheme, announced in the budget on February 16, 2010.
The scheme allows taxpayers a three-month period in which to disclose details of their outstanding tax liabilities, under concessionary terms in that penalties and interest will be waived. The scheme commences on July 1, 2010, and ends on September 30, 2010.
"The scheme provides an opportunity for anyone who has failed fully to disclose their income or to register for income tax purposes to bring their affairs up to date without suffering penalties and interest," the government said.
The scheme applies to any person who is resident for income tax purposes or who is or should be paying non-resident tax. The term ‘person’ includes an individual, company, employer, contractor, trustee or any other entity liable to Isle of Man income tax.
.Tags: tax | law | business | individuals | budget | corporation tax | individual income tax | Isle of Man | tax avoidance | interest | penalties | enforcement
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