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Crown Dependencies Progress Report Welcomed By IOM,
by Robert Lee, Tax-News.com, London
Thursday, April 23, 2009
The Isle of Man’s Chief Minister Tony Brown on April 21 released a statement
commenting on the UK’s progress report on the Crown Dependencies review
currently being undertaken by Michael Foot.
Brown noted:
“The Isle of Man regards the review of British offshore financial centres
as a wholly appropriate action given the unprecedented global financial turmoil
affecting all economies. As a responsible International Business and Finance
Centre with strong relations and interaction with the UK it is only appropriate
we work together to examine our economic models in light of the new financial
world that is emerging.”
“We’ve had very successful meetings with Michael Foot and his
team in which the parameters for the review were outlined and discussed. We
provided the review with information about our internationally recognised standards
on regulation and tax as well as an overview as to how our diverse economy is
performing during the global downturn. Our progress on signing fourteen tax
information exchange agreements, placing us firmly on the OECD’s ‘white
list’ of jurisdictions that have substantially implemented internationally
agreed tax standards, was welcomed by Mr. Foot and in a letter from Gordon Brown.”
The Chief Minister concluded:
“We look forward to responding in greater depth to some of the specific
questions which Michael Foot raises in his progress report. Treasury Minister
Allan Bell and I will be continuing the Isle of Man’s discussions with
Michael Foot later this week in London.”
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