VAT To Go Back to 17.5%
The Office of Fair Trading are reminding the Manx Public that following a year of it being 15% the standard rate of VAT is going to change back to 17.5 on January 1st.
Although the price change won’t be instantly noticeable on the shelves due to the amount of work to re-tag everything, it will be programmed into the tills.
The increase does not apply to items which were not subject to the decrease in rate.
Businesses seeking advice on how to indicate the prices can contact the office.