Important changes to the Isle of Man’s VAT and customs rules that will bring the jurisdiction into line with European Union rules have been approved by the Tynwald, the local media has reported.
Treasury Minister Alan Bell explained that two of the four orders which will change the regulations allow the application of civil instead of criminal penalties to deal with certain customs and excise offenses.
The final customs and excise order brings the jurisdiction into line with the European Union regarding trading thresholds at which demands for additional financial information can be demanded through supplementary declarations.
Mr Bell observed that the VAT order will also align the Isle of Man with an EU directive which simplifies the VAT invoicing requirements and allows for electronic VAT invoicing.
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