Isle of Man signs tax information pact with UK
24-Oct-2008The Isle of Man and the UK announced, on 29 September 2008, that they have signed a bilateral agreement for the exchange of information for tax purposes, bringing to 11 the number of such agreements entered into by the Isle of Man.
Jeffrey Owens, director of OECD's Centre for Tax Policy and Administration, welcomed the new agreement as a further step in efforts to bring greater transparency and fairness to cross-border financial transactions.
"The agreement is particularly significant," said Owens, "given the close economic and political relations between the Isle of Man and the UK. The Isle of Man is a significant financial centre and was one of the first jurisdictions to engage constructively with OECD countries in efforts to address the abuse by companies and individuals of offshore centres to evade their tax obligations."
Since the start of 2007, jurisdictions committed to the OECD principles of transparency and exchange of information, have signed a total of 17 bilateral agreements with OECD countries, and the Isle of Man has accounted for nine of these.
"I am particularly pleased that the Isle of Man now has the largest network of agreements," Mr. Owens said. "Almost all of these also provide significant tax and non tax benefits which will enhance the Isle of Man's financial sector."
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