UK welcomes progress by Isle of Man on Tax Information Exchange
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Issued 30 April
The United Kingdom welcomes the Isle of Manís recognition by
Organisation for Economic Co-operation and Development (OECD) as a
jurisdiction that has substantially implemented the internationally
agreed standard on exchange of information in tax matters and on its
ongoing progress in signing Tax Information Exchange Agreements
Financial Secretary to the Treasury, Stephen Timms, said:
ďI warmly welcome the Isle of Manís progress in agreeing Tax
Information Exchange Agreements, with 14 signed so far. The Isle of
Manís firm commitment to enhanced transparency and exchange of
information in tax matters is very encouraging, and I call on others to
heed their exampleĒ.
The United Kingdom also recognises that the
Isle of Man is committed to international standards of anti-money
laundering legislation and practice, counter terrorist financing
legislation and financial regulation, and that the Isle of Man
participates in international efforts to combat financial crimes.
1. The Isle of Man has signed Tax Information
Exchange Agreements with
the following jurisdictions: Australia, Denmark, Faroe
Finland, France, Germany, Greenland, Iceland, Ireland, Netherlands,
Norway, Sweden, United Kingdom and the United States.
2. Tax Information Exchange Agreements
allow governments to enforce their domestic tax laws by exchanging, on
request, information relevant for tax assessment and compliance
purposes. They are based on principles of transparency and
information developed by the OECD and endorsed by the G20.
3. In its progress report on the
implementation of the internationally agreed tax standard, issued in
conjunction with the G20 London Summit of 2 April 2009 , the OECD
listed the Isle of Man as a jurisdiction that has substantially
implemented the internationally agreed standard.
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Article Published/Sorted/Amended on Scopulus 2009-05-12 13:30:35 in Tax Articles