KPMG issues warning to IoM firms in breach of economic substance rules

Companies in the Isle of Man have been informed that recently introduced economic substance rules are to be more stringently enforced, with firms warned of 'higher stakes' should they be found to be in breach of the new regulations. Robert Rotherham, a tax director at accounting consultancy KPMG told Isle of Man Today: "Economic substance is here to stay and with the Isle of Man Income Tax Division now having released the new company tax returns it is imperative that affected businesses understand how they should complete them and what this means for them in the context of the economic s...