The Isle of Man's Treasury Minister, Alan Bell, has hit back at a report released by Christian Aid last month that suggested developing nations are being deprived of hundreds of millions of dollars annually by multinational companies and wealthy individuals using offshore havens to avoid tax.
According to Mr Bell, the Isle of Man's inclusion in the report as a "so-called tax haven" and therefore complicit in these tax avoidances methods, is based on "old myths and stereotypes."
The briefing paper, entitled: 'The Shirts off their Backs,' claimed that poorer countries are losing US$500 billion a year in revenues to wealthy individuals as a result of tax planning schemes by international entities. The paper also went on to state that tolerance of tax havens has helped "wealthy individuals and multi-national companies (as well as criminals, corrupt leaders and terrorists) move their wealth and profits offshore to avoid paying tax."
In a statement released last week, Mr Bell imparted that it was "disappointing" to see the charity take such an "ill-informed view" of the offshore world.
"The reality is that the Island is no different from any reputable onshore centre when it comes to tackling financial crime. External experts have shown repeatedly, most recently in the IMF report, that we fully comply with international standards in such areas as combating money laundering and terrorist funding," stated Mr Bell.
The Treasury Minister further added that the Isle of Man was one of the first international finance centres to sign up to the OECD programme for the development of a truly global network of tax information exchange, and has complied with its obligations under the EU tax package.
"It is unfair – and highly misleading - to single out offshore centres as the scapegoats in this debate," remarked Mr Bell.
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