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Isle of Man Introduces New Penalty for VAT Fraud

The Isle of Man Treasury recently announced the Value Added Tax Act 1996 (Amendment) Order 2018, which came into operation on 1 March 2018 and introduces a new penalty against participation in VAT fraud that applies to businesses and company officers that knew or should have known that their transactions were connected with VAT fraud. The penalty applies at a fixed rate of 30% and does not include reductions for disclosure.

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