The Isle of Man Government has recently announced an extension to the reduced rate of VAT (5%) that was made available to the hospitality and tourism sectors that was introduced in July – https://www.bbc.co.uk/news/world-europe-isle-of-man-53340653
The reduction from 20% to 5% was initially supposed to expire on 12th January 2021 however, it has been extended to 31 March 2021 –
This is in line with the VAT schemes that have been introduced in the UK.
The Government has also announced that there will be more options made available with regards to the repayment of any VAT balances that were deferred between March and June 2020.
Originally any such deferments had to be settled by 31 March 2021. We will of course provide a more detailed update once the details have been released.
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