The Isle of Man has published the Income Tax (Substance Requirements) Order 2018, which was approved by the Tynwald (parliament) on 11 December 2018 and came into operation the following day. The Order requires companies that are tax resident in the Isle of Man and engaged in certain activities to demonstrate that they meet minimum substance requirements as part of their annual tax return. This includes activities generating income from the following relevant sectors:
- Banking;
- Insurance; …