Isle of Man Treasury Announces Reduction in Interest Rates for Late Payments, Repayments of VAT

The Isle of Man Treasury Department Aug. 1 announced the reduction in interest rates for late payments and repayments of VAT and other indirect taxes, effective Aug. 20. The announcement includes rate reductions to: 1) 7.5 percent from 7.75 percent for late payment interest; and 2) 4 percent from 4.25 percent for repayment interest. The rate reductions are the result of a change in the base rate and are required for alignment with the U.K. in the management and administration of VAT. [Isle of Man, Treasury Department, 08/01/24]

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