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Treasury invites feedback on customs changes

Thu, 09 Feb 2017

The Government is asking for feedback from the Manx public as it prepares to update the Island's customs and excise legislation.

The Treasury has drafted a new Customs and Excise Bill which will go before the branches of Tynwald in the future after a period of public consultation.

The consultation documents describe the current system as becoming inadequate, referencing the Island's need for flexibility to respond to changes with the UK and the EU.

The proposed changes include updating the definition of cash to include some stored-value cards, updating rules on declaring sums of cash when entering the Island and bringing in records of declarations and disclosures.

Many of the changes are in direct response to the EU's Moneyval report, which found the Island needs to improve its financial intelligence and investigations.

Feedback on the consultation must be submitted by March 24th - full details on the consultation are available on the Government's website.

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