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Isle Of Man Moves To Automatic Exchange Of Information,
by Amanda Banks, Tax-News.com, London
Thursday, June 25, 2009
The Isle of Man government has announced that it is to opt for the automatic
exchange of information with regards to interest gained on the accounts held by
depositors resident in countries within the European Union in accordance with
the European Savings Tax Directive (EUSD). The move is further evidence of the Isle
of Man’s compliance in international tax cooperation and transparency
matters.
The new tax policy, which takes effect from July 1, 2011, was announced on
June 24 by Treasury Minister Allan Bell when addressing the annual Organisation
for Economic Co-operation and Development (OECD) Forum in Paris. This means
the withholding tax option currently available to customers having accounts
with Isle of Man banks by virtue of the transitional arrangements in the EUSD
will be withdrawn.
Minister Bell commented, “The Isle of Man has always been at the forefront
of tax co-operation and my announcement today is further testament to that.
The global financial crisis has delivered a demand to all countries large and
small to engage further in international tax co-operation and align their policies
with international benchmark standards. Our decision today to move to automatic
exchange of information under the EU Savings Directive is a clear sign that
we intend to continue to lead the way in international tax co-operation and
transparency. This is a signal to our trading partners and investors alike that
we can continue to be relied upon and that our name is associated with probity
and foresight.”
Since 2000 the Isle of Man has developed, signed and ratified Tax Information
Exchange Agreements (TIEAs) and Double Taxation Agreements (DTAs) and now has
fifteen of these OECD standard agreements. At the G20 summit this year the Isle
of Man was benchmarked by the OECD to have achieved ‘white list’
status; a country that has substantially met international standards of tax
transparency and cooperation.
Minister Bell added: “The invitation to the Isle of Man government to
speak at the OECD Forum was a great honour. We believe that small countries
such as ourselves have a lot to gain by working with international organisations
such as the OECD, but we also have much to offer and we have long contributed
to the ongoing development of international standards. We have consistently
shown that we understand at a strategic level what actions we need to take and
what changes we need to make in order to maintain our position as a dynamic
International Business Centre of choice. As such our work does not, and cannot,
stop on these matters and we will be making further tax cooperation announcements
throughout this year and beyond.”
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