Requirements for certain Isle of Man resident companies
The Isle of Man's draft Income Tax (Substance Requirements) Order 2018 was published on 6 November 2018.The draft Order provides detail as to which companies are affected, how the substance requirements will be applied and the penalties for failure to comply.
Among the proposals within the draft Order, we would highlight the following:
The Assessor has also published draft guidance which discusses key aspects of the requirements.
As always, KPMG will be assisting its clients in getting ready for what is to come.
If you would like to discuss the above, do please contact us.