- Isle of Man Treasury Department announces temporary reduction in VAT rate for specified medicines
- VAT rate reduced from 20 percent to zero-rated
- Applies to medicines supplied under patient group directions from Oct. 9, 2023, to March 31, 2027
- Change aims to align VAT treatment of medicines with prescriptions
- Required for alignment with the U.K. in VAT management and administration
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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