Isle of Man Praised for Action on Tax Transparency
Chief Minister Allan Bell MHK has welcomed further recognition of the Isle of Man’s commitment to the evolving international tax agenda.
Angel Gurria, Secretary General of the Organisation for Economic Co-operation and Development (OECD), has praised the Island for its action to combat tax evasion.
During a debate at the European Competition Forum in Brussels, Mr Gurria said he was ‘very happy’ about the progress being achieved by the Crown Dependencies.
He spoke up on behalf of the Isle of Man, Jersey and Guernsey in response to a question by Belgian MEP Phillipe Lamberts, and highlighted the commitment on tax reform made by the UK and Crown Dependencies at the G8 Summit in Loch Erne last year.
He said: ‘I have since received a number of commitments directly from the Crown Dependencies. This is a good development, although there is still more to do. Some of the problems are not in the islands, but in the “big islands”, in the UK itself and in the US.’
The Chief Minister said the Isle of Man had emerged from a pivotal year in international tax matters with its reputation enhanced. The many highlights of 2013 included the Island being awarded the top ‘compliant’ rating by the OECD Global Forum.
Mr Bell added: ‘This level of recognition, together with the comments made by Angel Gurria, reflects the Island’s positive leadership on tax transparency and information exchange. As the Treasury Minister said in his Budget speech, 2013 was a truly monumental and ground-breaking year for the Isle of Man and we will continue to play our part in future developments.’
The Chief Minister has also welcomed the introduction of a new single global standard for the automatic exchange of information between tax authorities worldwide. Developed by the OECD in conjunction with G20 countries, the measures announced last week are aimed at reinforcing action against tax avoidance and evasion.
Mr Bell said: ‘Tax evasion is a global problem and the Isle of Man has demonstrated its willingness to be part of the global solution. We support the creation of a single international standard and the further promotion of a level playing field in terms of tax information exchange.’
Credit: Isle of Man