IoM Personal Tax Return Due Date Looms
by Jason Gorringe, Lowtax.net, London
13 July, 2017
The Isle of Man's Income Tax Division has reminded individuals that the October 6, 2017, deadline for lodging 2016/17 personal tax returns is now only three months away.
Taxpayers are being encouraged to submit their tax returns online. The benefits of online submission include faster processing of returns, immediate calculation of tax due or tax refundable, and electronic crediting of tax refunds to a taxpayer's bank account.
The island's Income Tax Division says that last year over 18,000 personal tax returns were submitted online, and so far it has received more than 7,000 online submissions for the current tax year.
Taxpayers who fail to lodge their 2016/17 personal tax returns by the due date of October 6, 2017, will be charged a GBP100 (USD129) penalty. If the return has still not been received by the Division by April 6, 2018, a further GBP200 (USD258) penalty will be charged. Even if the penalties are paid, the return must still be submitted and taxpayers may be prosecuted for failing to do so.
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