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Isle Of Man Issues AML/CTF Guidance To VAT-Registered Persons

by Amanda Banks, Lowtax.net, London
19 April, 2017

The Isle of Man's Customs and Excise Division has published guidance for international traders on United Nations and European Union sanctions and other international trade-related matters.

Factsheet 200 MAN - "What does my business have to do with UN/EU sanctions, and export and trade controls" – is aimed at buyers and/ sellers of goods and services overseas. It is intended to raise awareness of the various requirements, prohibitions, and restrictions that may apply, and provides guidance on where to find information and assistance.

Starting this month, businesses selected for Customs and Excise Division visits related to value-added tax (VAT) compliance and other matters will be asked three simple questions to establish if they are aware of sanctions and export and trade control matters. These visits will include ensuring they are aware of how to find information to assist in any checks or screening they might need to undertake, as well as if they know where to report any concerns or suspicions. Businesses identified as being involved in any way in international trade will be issued with a copy of the Factsheet.

In addition, businesses engaged in international trade that newly register for VAT will also be advised of the rules.

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