Isle Of Man To Introduce New VAT Fraud Penalty
Jason Gorringe, Tax-News.com, London
28 February, 2018
The Isle of Man Treasury has announced that a new 30 percent penalty for participation in VAT fraud will be introduced from March 1, 2018.
The new penalty mirrors one introduced into UK law late last year, which applies to businesses where they knew or ought to have known their transactions were connected with VAT fraud.
The penalty is equal to 30 percent of the VAT lost through the fraud and can apply to company officers as well as businesses. The Isle of Man Treasury has the option to name those who are penalized, and no penalty reduction is given for prompted or unprompted disclosure.