Isle of Man Tax Agency Updates Guidance Note on Expenses, Benefits in Kind for 2021

The Isle of Man Income Tax Division May 5 updated Guidance Note No. 40, providing employers and tax practitioners with information on their reporting obligations relating to expenses and benefits in kind in 2021. The guidance provides information explaining: 1) reporting obligations; 2) expenses and dispensations; 3) benefit in kind rule operating procedures; 4) the identification and valuation of each type of benefit; and 5) various exemptions. [Isle of Man, Income Tax Division, 05/05/21]

Reference: View Guidance Note No. 40. View Index.