IoM Consults On Tax Accounting Record Keeping
by Jason Gorringe, Lowtax.net, London
15 July, 2016
The Isle of Man Government is proposing Regulations to update the island's income tax legislation on the making and keeping of accounting records to meet international standards.
The Government has newly released a consultation on the proposals, "Enhanced Requirements for Accounting Records."
The proposals are said to have been prompted by a forthcoming review in early 2017 by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.
The requirement for relevant entities to make and keep adequate accounting records is one of the elements to be assessed as part of the Island's next peer review. The international standard for record retention is five years. Although the island's legislation already contains requirements for certain entities to keep records, the requirements vary and the current legislation does not apply the same standard to all the entities that will be considered relevant for the purposes of the next Global Forum review, the consultation document says.
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