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GN 38 The Pay & File Income Tax System for Companies 23 October 2007

The following amendments and additions have been made to GN 38:

Section Details of Change
9New section added detailing the withholding tax requirements for a variety of payments to non-residents
10New section defining income distributions, particularly in relation to companies incorporated under the Isle of Man Companies Act 2006
15New section detailing the methods available for making a payment to the Income Tax Division
12.3New subsection added to confirm the treatment of intra-group distributions from old reserves
5.1.1Amended to include the amount of the initial and extended late return form penalty
VariousCorrection of a small number of typographical and mathematical errors in examples and updating of the website address
Various Consequential renumbering of sections and cross references following the addition of sections 9, 10, 15 and 12.3

A revised copy of the Guidance Note including all the changes is available here.

Malcolm Couch

Assessor of Income Tax

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