Isle of Man Customs Agency Issues Updated Notice on Reduced VAT Rate for Construction Services

The Isle of Man Customs and Excise Division Sept. 23 issued an updated notice on the application of the 5 percent reduced VAT rate to specified construction services. Revisions include: 1) the construction services that will newly qualify for the reduced rate instead of the standard 20 percent rate; 2) what construction services are excluded from the reduced rate; and 3) what construction services will continue to be eligible for the reduced rate. The notice also includes relevant definitions, as well as lists of construction services with VAT rates. The notice takes effect Jan. 1, 2023. [Isle of Man, Customs ...