IoM To Proceed With Tax Record Keeping Changes

The Isle of Man will proceed with reforms to the island's rules on the creation and retention of accounting records.

The enhanced requirements, including that accounting records should be retained for five years, were proposed to bring the Isle of Man's rules more into line with international norms. They were included in draft regulations that were subject to a consultation, which has ended.

In response to the feedback received, the Isle of Man's Treasury has said it does not believe the consultation responses warrant any significant changes to the regulations, and a final version with only minor amendments will be presented for parliamentary approval.