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IoM Contributes To UK Tax Transparency Program

by Amanda Banks,, London

01 May 2012

The Isle of Man government has recently participated in an initiative funded by the UK's Foreign and Commonwealth Office to provide training to the British Overseas Territories of Montserrat and Anguilla to help them meet their international obligations on tax information exchange.

Both territories have entered into Tax Information Exchange Agreements (TIEAs) to meet changing international standards in a new era of transparency championed by the Organization for Economic Cooperation and Development (OECD). However, the territories' regimes for the exchange of information are under scrutiny as part of the OECD's peer review process which will assess the implementation of the internationally-agreed standard on tax information exchange in practice as part of a Phase Two assessment.

In a bid to help the two territories meet international standards, it has been announced that persons from the legal and financial sectors of the two governments attended training sessions ran by two experts from the Isle of Man government earlier this month. The four-day event included the provision of training on analysis of the validity of incoming TIEA requests, how to handle appeals and challenges to TIEA requests, and how to obtain criminal mutual legal assistance.

Since April 2009, when the OECD began pressing for the conclusion of tax information exchange agreements with the publication of a new 'progress report', the Isle of Man has presented itself as a leader in the area of tax information exchange, being among the first nations to be placed on the OECD's white list of countries found to have substantially-implemented the internationally agreed standard. It now has an large network of TIEAs with other countries.

TAGS: Isle of Man | tax | tax information exchange agreement (TIEA) | Montserrat | training | law | banking | international financial centres (IFC) | enforcement | offshore | agreements | Anguilla | standards

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