Treasury has today issued a response document following its consultation on enhanced tax requirements for accounting records, and it would like to thank all respondents for taking the time to reply.

The enhanced requirements, including the retention of accounting records for five years, are in line with international standards and were contained in draft regulations published as part of the consultation.

Treasury does not believe the consultation responses warrant any significant changes to the regulations, and a final version with only minor amendments will be presented for Tynwald approval.

The response document provides a summary of the responses received together with a brief summary of the conclusion drawn by Treasury. It is available in the consultation section of the Government website, under Closed Consultations and Summaries:

https://www.gov.im/consultations.gov?menuid=16918&type=closed