Isle of Man Parliament Considers Order to Amend VAT Law for Energy-Saving Materials

The Isle of Man Parliament (Tynwald) June 21 accepted for consideration Order No. 2022/0138, to align the island’s VAT laws with those of the U.K., with respect to energy-saving materials. The order includes measures to: 1) temporarily reduce VAT to zero percent from the reduced 5 percent rate, on the installation of energy-saving materials, as specified, from April 1, 2022, through March 31, 2027; and 2) add the installation of water and wind turbines to this temporary zero-rated list. The order would retroactively enter into force April 1. [Isle of Man, Parliament, 06/21/22]

Reference: View Value Added Tax Act (Amendment) ...