[ad_1]
This press release is being issued to draw attention to the reduction in interest rates effective August 20, 2024.
The rules around late payment interest charges are changing in the UK as a result of the Bank of England base rate rising from 5.25% to 5%. The Isle of Man Government has reached an agreement with the UK to ensure that the management and administration of VAT and other indirect taxes remain the same as in the UK.
As a result of the change in base interest rates, the Treasury deferral and repayment rates will decrease from 20 August 2024 to the following levels:
- Late payment interest rate: 7.5%
- Repayment rate: 4%
As long as you pay your loan on time, you won’t be charged late payment interest. If you overpay, you may have to pay interest on your loan.
If you are unable to pay your VAT on time, please contact Customs and Excise by email dmu.customs@gov.im Or call +44 1624 648160 (8.30am to 4.30pm, Monday to Friday).
If you have any questions, please email us at customs@gov.im Or call +44 1624 648130 (8.30am to 4.30pm, Monday to Friday).
[ad_2]
Source link
