Isle of Man Treasury Announces Increase in VAT Registration, Deregistration Thresholds

The Isle of Man Treasury Department March 28 announced an increase in VAT registration and deregistration thresholds, effective April 1. The announcement includes: 1) an increase of the VAT registration threshold to 90,000 British pounds (US$113,551) from 85,000 pounds (US$107,242), while still allowing businesses to voluntarily register if their taxable turnover is below the threshold; and 2) with regard to VAT deregistration, an increase of the taxable turnover threshold to 88,000 pounds (US$111,027) from 83,000 pounds (US$104,719), with the purpose of keeping businesses that are trading around the threshold level from needing to constantly register or de-register. The announcement also ...