A consultation has been launched on the updating of the Island’s income tax legislation on the making and keeping of accounting records to meet international standards.
The power to make regulations to achieve this was contained in the Income Tax Bill 2015 and, during the passage of the Bill through the Branches, it was made clear that the Assessor of Income Tax would consult on any proposed regulations drawn up under the new power. The resulting Act came into operation on 21 July 2015.
Proposed regulations have now been drafted and are contained in a consultation document entitled “Enhanced Requirements for Accounting Records” which has been issued today by the Treasury. The document also explains why the current legislation needs to be updated and provides a brief summary of the regulations being proposed.
The consultation invites feedback and suggestions on the draft regulations and the closing date for submissions is 26 August 2016. The document is available in the consultations section of the Government website at:
https://www.gov.im/about-the-government/government/government-consultations/
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