- Interest Rate Changes: Starting from 25 November 2024, the Isle of Man Department of Treasury will reduce interest rates for late VAT payments to 7.25% and for repayments to 3.75%.
- Alignment with UK Rates: These changes are a response to the decrease in the Bank of England’s base rate from 5% to 4.75%, reflecting the Isle of Man’s agreement to align its VAT and indirect tax management with the United Kingdom.
- Payment Guidelines: Timely payments will exempt individuals from late payment interest, while those who have overpaid may be eligible for repayment interest. Further details on the rates can be found on the Treasury’s payments page.
Source: Orbitax
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