ISLE OF MAN UPDATE ON SUBSTANCE REQUIREMENTS FOR COMPANIES

On 7th August, the Isle of Man published a news release providing an update on the progress towards the proposed introduction of legislation which will require companies tax resident in the Isle of Man, undertaking specific activities, to demonstrate that they have sufficient substance in the Isle of Man.  This follows the commitment given in November 2017 to address the EU Code of Conduct Group’s concerns.  It says the Island has worked closely with the other Crown Dependencies and put forward proposals to the Group which will enable it to meet its commitment by 31st December. These proposals will require companies that are tax resident in the Isle of Man and engaged in key activities identified by the EU to demonstrate they meet minimum substance requirements as part of their annual tax return.

https://www.gov.im/news/2018/aug/07/update-on-work-to-meet-code-of-conduct-group-commitment/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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