Decrease from 20% to 5% will now stay until April
Government has announced it will mirror the extension to a period of reduced VAT rates, announced in the UK today, for businesses in the hospitality, accommodation and attractions sectors.
A reduction from 20% to 5% was originally planned to run for six months from 15 July 2020 until 12 January 2021, but will now last until the end of March.
The reduced VAT rates already apply to holiday accommodation here.
The Isle of Man will also mirror an option on how to pay deferred VAT due for payment next spring, with more details coming soon.
Businesses that have deferred paying VAT from the period March to June 2020 were due to pay the outstanding amount by 31 March 2021.
They will now be able to opt to pay in smaller instalments during 2021-2022 without incurring interest.
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