Isle of Man Gazettes Value Added Tax (Amendment) Regulations 2025

The Isle of Man Official Gazette Nov. 17 published Statutory Document No. 2025/0153, the VAT (Amendment) Regulations 2025, amending the late payment penalties under the VAT Act 1996. The regulations include measures increasing to: 1) 3 percent from 2 percent the first penalty on outstanding VAT amounts paid between 15 and 30 days after the deadline, and the additional penalty on VAT amounts still outstanding 30 days after the deadline; and 2) 10 percent from 4 percent the second penalty for VAT outstanding more than 30 days after the deadline. The regulations generally took effect June 30 and generally apply ...