The Isle of Man's Assessor of Tax, Ian Kelly has responded this week to the news that both Jersey and Guernsey have agreed to exchange information with EU member states on the taxation of interest payments on non-resident savings accounts.
The Isle of Man Online news service reported that Mr Kelly promised an announcement 'in due course', following UK Chancellor, Gordon Brown's proclamation in Luxembourg last week that 'good progress' was being made in the campaign to persuade the Manx authorities to follow the lead of their counterparts in Jersey and Guernsey.
Revealing that the Isle of Man authorities have been in negotiations with the UK government for some time now on this issue, Mr Kelly hinted that the Island's approach to the European Union's demands would likely be the same as its response to the OECD's 'harmful tax' initiative, as similar concerns - such as the effect of any changes on the jurisdiction's economy and the degree to which there will be a level playing field in place - will have to be taken into consideration.
According to the IOM Online, however, the Tax Assessor stressed that negotiations with the British government have been 'amicable', and have 'enabled the Isle of Man to put its case to the UK.'
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