The Isle of Man has published the Income Tax (Substance Requirements) Order 2021, which was approved by the Tynwald on 16 June 2021 and generally enters into force on 1 July 2021. The Order amends the Income Tax Act to extend the scope of the economic substance requirements to partnerships. With the amendments, all relevant partnerships carrying on relevant activities (banking, insurance, IP holding, etc.) are required to meet the same substance requirements as relevant sector companies. The rules apply for general partnerships, limited partnerships, limited liability companies, and foreign partnerships.