On 12 July 2016, the Isle of Man Income Tax Division issued a consultation document on draft record keeping regulations - Income Tax (Accounting Records) (Retention) Regulations 2016. The regulations have been drafted in relation to the Isle of Man's commitments as a member of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes. Although the Isle of Man has received a compliant rating from the peer review process all Forum members must undergo, an upcoming 2017 review will include stricter standards regarding accounting records that the Isle of Man will need to meet. The draft...