Alex Rosaria, State Secretary of Finance for the Netherlands Antilles, visited the Isle of Man last week to discuss the current state of play with regards to international cooperation on tax and regulatory matters.
Most of Mr Rosaria’s time was spent in extensive discussions with the Isle of Man Treasury Minister, Allan Bell, but he was also briefed by a number of senior government officers and had a meeting with Chief Minister Tony Brown.
The Isle of Man and the Netherlands Antilles are widely recognised as leading the way among smaller international financial services centres in implementing global benchmark standards of financial regulation and in concluding tax co-operation agreements with member countries of the Organisation for Economic Co-operation and Development (OECD).
The move comes after Angel Gurría, Secretary-General of the OECD, called upon member countries to actively look at improvements into the fight against international tax evasion.
Ministers Bell and Rosaria discussed how the Isle of Man and the Netherlands Antilles could collaborate going forward, not only with each other and with those countries with which they already have tax co-operation agreements, but also with other countries seeking to improve their own regulatory and tax co-operation standards.
Minister Bell said:
“The global financial services market and the attitudes of the world’s major economies are undergoing unprecedented changes. It is vital that those countries providing high-quality financial services work together more closely, to ensure that their voices are heard. For smaller financial services centres like the Isle of Man, I see an increasing need for strategic partnerships and for the sharing of best practice, and in this context, the visit of Minister Rosaria has been very useful. The Isle of Man looks forward to working more closely with the Netherlands Antilles, which will benefit both countries.”
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