The Isle of Man Tynwald (parliament) has approved the Income Tax (Accounting Records) (Retention) Regulations 2016. The new regulations are meant to bring the Isle of Man in line with international standards and include the required retention of adequate accounting records for five years. The requirements apply to:
- All corporate taxpayers that are:
- Resident in the Isle of Man for income tax purposes, and their officers; or
- Resident outside the Isle of Man for income tax purposes and who carr…