- The Isle of Man published new VAT (Amendment) Regulations 2025.
- First late payment penalty increased from 2% to 3% for VAT paid 15-30 days late.
- Additional penalty for VAT still unpaid after 30 days also increased to 3%.
- Second penalty for VAT unpaid over 30 days increased from 4% to 10%.
- Regulations took effect June 30 and apply from July 31 for accounting periods starting on or after June 1.
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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