Isle of Man Treasury Announces Temporary Reduction in VAT Rate for Specified Medicines

The Isle of Man Treasury Department Nov. 13 announced a temporary reduction in the VAT rate, to zero-rated from 20 percent, on medicines supplied under patient group directions from Oct. 9, 2023, to March 31, 2027. The change is intended to align the VAT treatment of medicines supplied under patient group directions with medicines dispensed under a prescription, and is required for alignment with the U.K. in the management and administration of VAT. [Isle of Man, Treasury Department, 11/13/23]

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