Isle of Man Treasury Announces New VAT Relief on Specified Charitable Donations

The Isle of Man Treasury April 2 announced amendments to Value Added Tax Act 1996, providing new VAT relief on specified charitable donations, from April 1. The announcement includes that: 1) VAT-registered businesses were previously required to account for VAT when donating business goods to charity if input VAT was originally recovered on their purchase; 2) the new VAT relief, however, allows VAT-registered businesses to donate qualifying goods to a charity without a VAT charge; 3) the goods must generally be under 100 British pounds (US$135) in value and donated to a registered charity; 4) the charity must provide evidence ...