The Isle of Man Treasury recently issued a release on changes in the penalties and interest for late VAT returns and payments with effect from 1 January 2023, which is aligned with UK rules. Detailed VAT Penalties and Interest Guidance has also been provided.
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Penalties and interest for late VAT returns and late VAT payments
The penalties applied for submitting your VAT return late or not paying your VAT liability on time are changing for all VAT periods starting on or after 1 Januar…