Isle of Man Parliament Passes Order to Extend Economic Substance Requirements to Partnerships, LLCs

The Isle of Man Parliament (Tynwald) June 16 passed Order No. 2021/0156, to extend the scope of the economic substance rules of the Income Tax Act 1970 to partnerships, including limited partnerships, and limited liability companies (LLCs). The expanded rules will apply to accounting periods commencing July 1. The Order also introduces requirements with respect to annual tax returns made by partnerships, and a registration requirement for specific foreign or general partnerships that carry out business activity in the Isle of Man. [Isle of Man, Parliament, 06/16/21]

Reference:
View Statutory Document No. 2021/0156. View Index. View Legislation Background ...