On 12 July 2016, the Isle of Man Income Tax Division issued a consultation document on draft record keeping regulations - Income Tax (Accounting Records) (Retention) Regulations 2016. The regulations have been drafted in relation to the Isle of Man's commitments as a member of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes. Although the Isle of Man has received a compliant rating from the peer review process all Forum members must undergo, an upcoming 2017 …