Isle Of Man Not Quite Hitting The OECD Target
Although the Isle
of Man has put in place a series of tax reform initiatives designed
to comply with OECD demands, the dependency has been informed
that it must make more changes before it can satisfy the OECD
and be removed from the organisation's tax haven blacklist. Jurisdictions that
have not complied with the OECD directives by July 2001 will be
threatened with economic sanctions. It is certain that this will
not be the case with the Isle of Man. OECD Deputy Secretary
General Seiichi Kondo has praised the Isle of Man saying the island
had done well but the regulations governing transparency, exempt
companies and the exchange of information were issues that had
yet to be dealt with. He stated: 'I hope the Isle of Man comes
up with a satisfactory agreement with us.' At the end of last
week the OECD published a Framework for a Collective Memorandum
of Understanding on Eliminating Harmful Tax Practices (see Tax-News.com
Resources section for the full text). The OECD said it was
part of its drive to improve co-operation with jurisdictions identified
as tax havens and can form a basis for the OECD to continue its
dialogue with those jurisdictions. It sets out the steps that
the OECD is asking them to take in order demonstrate "a commitment
to transparency, non-discrimination and effective co-operation." .
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