COVID-19: Isle of Man Amends Tax Filing Rules
by Jason Gorringe, Lowtax.net, London
15 April, 2020
The Isle of Man has announced a series of changes to tax return deadlines as part of its response to the economic impact of the coronavirus outbreak.
First penalties will not be issued for the non-submission of any company tax returns still outstanding and due to be submitted between April 1, 2020, and June 5, 2020, if filed by June 5, 2020.
Penalties will not be issued for late submission of any company tax returns still outstanding that would be liable to a second penalty between April 1, 2020, and June 5, 2020. If returns are still outstanding on June 5, the second penalty will be issued.
Individual taxpayers or their agents who are registered users of Online Tax Services will receive their returns for the year ending April 5, 2020, as normal on or around April 6. Paper tax returns for the year ending April 5, 2020, will be delayed and the Income Tax Division will review this postponement no later than April 30. It has said that it may extend the current deadline for submission of paper returns and extend this also to electronically filed returns.
Based on the current announcement, where an individual has failed to submit their tax return for the year ended April 5, 2019, by April 6, 2020, and the outstanding return is submitted no later than June 5, the standard GBP200 penalty will not be issued.
The deadline for employers' tax returns for the year ended April 5, 2020, will be extended from May 5, 2020, to June 5, 2020.
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