Isle of Man Treasury Declares Tax Reduction on Fuels, Power Financial savings Supplies As a result of Battle

Daily Tax Report: International

March 28, 2022, 5:00 AM

The Isle of Man Treasury Department March 23 announced tax relief on fuels and energy savings materials (ESMs) due to the ongoing Russia-Ukraine conflict. The announcement includes measure to: 1) temporarily reduce excise tax on petrol and diesel by 0.05 British Pounds (US$0.06) per liter for 12 months, effective the same date; 2) allow a zero-rate VAT on the installation of ESMs for a limited time, effective April 1; 3) remove complex eligibility conditions to allow the addition of wind and water turbines to the list of ESMs. (Isle of Man, Treasury Department, 03/23/22)

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