The Isle of Man’s Treaty Income Tax Division on January 2 published a practice note addressing how it determines the tax residence of companies and other corporate taxpayers.
The Isle of Man applies a combination of both the place of incorporation and the place of central management and control of the company to determine the tax residency of a company.
Topics covered by the new guide include how the tax residence of a company is established, dual residence, company transfer of domicile, Isle of Man incorporated companies applications, registering as a tax resident, and international reporting obligations.
The Island has a standard corporate tax rate of zero and a 10% rate for some retail businesses.
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