ISLE OF MAN PUBLISHES DRAFT EU TAXATION “ECONOMIC SUBSTANCE” LEGISLATION

On 8th November, a news release advised that the Isle of Man Government has published draft legislation on its website which will require companies which are tax-resident in the Isle of Man, undertaking specific activities, to demonstrate that they have sufficient substance in the Isle of Man.  This legislation has been designed to meet the high-level commitment made by the Government in November 2017, to address the EU Code of Conduct Group’s concerns that some companies that are tax-resident in the Island do not have sufficient substance to access the Isle of Man’s corporate tax regime.  It is intended that the final draft legislation will be submitted for consideration at the December sitting of Tynwald.

https://www.gov.im/news/2018/nov/08/new-legislation-to-meet-eu-standards/

A copy of the draft legislation and the joint Crown Dependency note on key aspects are available at –

https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/international-agreements/european-union/code-of-conduct-for-business-taxation-and-eu-listing-process-from-2016/

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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