On 17 May 2016, the Isle of Man parliament approved the Value Added Tax (Increase of Registration Limits) Order 2016, which increases the value added tax (VAT) registration and deregistration thresholds. With effect from 1 April 2016, the VAT registration threshold is increased from taxable supplies of GBP 82,000 in the previous 12-month period to GBP 83,000, and the deregistration threshold is increased from GBP 80,000 to GBP 81,000.