On 25 April 2017, the Isle of Man Tynwald (parliament) approved the Value Added Tax (Increase of Registration Limits) Order 2017, which increases the value added tax (VAT) registration and deregistration thresholds. With effect from 1 April 2017, the VAT registration threshold for taxable supplies of goods or services and intra-Community acquisitions is increased from GBP 83,000 in the previous 12-month period to GBP 85,000. The Order also provides that the deregistration threshold is increased from GBP 81,000 to GBP 83,000 with respect to taxable supplies and from GBP 83,000 to GBP 85,000 with respect to intra-Community acquisitions.