Isle Of Man's Tax Information Exchange Lauded

by Jason Gorringe, Tax-News.com, London

06 June 2011

The global body reviewing jurisdictions' tax information exchange platforms, the Organisation for Economic Cooperation and Development (OECD), has commended the Isle of Man on the 'effective and expeditious' way it exchanges information with other countries' tax authorities.

The peer review assessment was carried out by a team of experts on behalf of the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes, which involves over 90 countries including the Isle of Man.

The OECD reported: "The feedback provided by the Isle of Man’s information exchange partners is very positive; the information requested is provided quickly and exchange of information partners are appreciative of the open and transparent relationship they have with the Isle of Man competent authority."

The report notes that the Isle of Man has been exchanging information in accordance with the international standards since its first tax information exchange agreements came into force in 2006, and states that "experience to date shows that exchange of information has been effective and expeditious".

The Global Forum report confirms that the island has a legal and regulatory framework in place to make information available, and that the power of the Isle of Man tax authorities to obtain information for exchange is clear. The report also recognizes the active oversight to which all major financial sector industries are subject. It makes a number of recommendations for consideration by the Isle of Man government which will be addressed in due course.

Welcoming the report, the island's treasury minister, Anne Craine, said: "The peer review report for the OECD’s Global Forum provides authoritative confirmation that the Isle of Man is actively supporting international standards on tax transparency and exchange of information. It shows that the Isle of Man is walking the walk, as well as talking the talk, when it comes to sharing information with our international partners."

She added: "The island is already recognized on the OECD White List as being in the top tier of countries for transparency and information exchange. This latest report is a further vindication of the approach taken by the Isle of Man, underlining our status as a nation that is both enterprising and internationally responsible."

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