'The Isle of Man and Switzerland are both international financial centres on the edge of the EU,' Mr Corkill told the Isle of Man Online. 'It is essential that we take opportunities at first hand to directly exchange views and information on the EU and OECD tax issues.

'This was the first direct political contact between the Isle of Man and Switzerland although there has been commercial and promotional activity in the past," commented the Chief Minister, adding: "We were warmly received and had some useful discussions on such points as access to EU financial markets and the pros and cons of exchange of information or withholding tax as ways of co-operating with the EU savings tax directive."

Corkill told the IoM Online that the visit proved to be a useful two way exercise, and would be very helpful in aiding the Island's decision making process with regards to the exchange of information or withholding tax options in relation to the EU tax directive.