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Isle of Man signs tax information pact with United Kingdom

 

29/09/2008 - The Isle of Man and the United Kingdom announced 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,” he noted, “given the close economic and political relations between the Isle of Man and the United Kingdom.


 

”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.”

 

OECD's work in the area of cross-border finance is designed to enable countries to fully and fairly enforce their tax laws (see progress reports issued in 200020012004 and 2006). A total of 35 jurisdictions have committed to work with OECD countries under the auspices of the OECD's Global Forum on Taxation to improve transparency and to establish effective information exchange for tax purposes, and many other countries and international organisations have also endorsed these principles. A report issued today, "Tax Co-operation: Towards a Level Playing Field - 2008 Assessment by the Global Forum on Taxation", describes the progress made over the last year in 83 OECD and non OECD economies in implementing the high standards of transparency and exchange of information for tax purposes.

 

For further information, journalists are invited to contact: in the Isle of Man, Malcolm Couch (tel: + 44 1624 685 350 ); in United Kingdom, Jan Marszewski (tel: + 44 (0) 207 147 0798); at OECD, Pascal St-Amans (tel: + 33 1 4524 9746).

 

Further information is available at www.oecd.org/ctp/eoi.

 

 

 

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