The Island’s set to see a decrease in interest rates for VAT and other indirect government taxes.
As the Bank of England lowers its base rate to 4%, the Island’s Treasury will adjust late payment interest to 6.5% and repayment interest to 3%.
It’s because the government here has an agreement to keep such taxes aligned with those in the UK.
The new rates will come into effect on Wednesday, August 27.
You can find more information here.
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