Allan Bell Still Optimistic Over Savings Tax Agreement

by Jason Gorringe, Tax-News.com, London

12 February 2003

Manx Treasury Minister, Allan Bell has reiterated the cautiously optimistic sentiments with regard to the EU's Savings Tax Directive which he expressed earlier this month, suggesting that if properly implemented, the directive could create 'a semblance' of a level playing field for affected offshore jurisdictions.

Speaking at the House of Keys last week, according to an Isle of Man Online report, Mr Bell stressed that it was too early to make any concrete decision, and that there must be caution 'to avoid any imprudent or ill-informed judgements' prior to next month's EU meeting.

'I highlight the importance of calm, careful consideration of the options presented to us to ensure the Isle of Man comes out of this in the best possible position,' the Treasury Minister announced, continuing:

'Although there are some potential difficulties for the financial services industry, the challenge is also an opportunity and out of the agreement we need to see where the Island can capitalise on new opportunities.'

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