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Isle of Man earns praise for leadership on international tax compliance 1 March 2013

CHIEF Minister Allan Bell MHK has this week underlined the Isle of Man’s commitment to international tax compliance during a series of high-level meetings in London.

Mr Bell and Treasury Minister Eddie Teare MHK held positive discussions around the Island’s progress towards signing a Foreign Account Tax Compliance Act (FATCA) agreement with the United Kingdom. The meetings with influential figures at Westminster provided an opportunity to promote a deeper understanding of the Isle of Man’s position on tax co-operation and highlight our important contribution to the UK and wider global economy.

The move towards automatic sharing of tax information with the UK was the main topic for discussion, with the Island earning praise for its leadership and proactive approach.

The Chief Minister said:

‘There is growing recognition of the Isle of Man’s commitment to remaining at the forefront of international developments in tax compliance. We are increasingly being seen as part of the solution rather than part of the problem. Our leadership on tax issues and willingness to work with the international community is blowing away the old myths and misconceptions about the Isle of Man. The message is loud and clear; we are a well-regulated international business centre with a diverse and growing economy. The proposed FATCA agreements with the UK and USA will provide confidence to investors in the Isle of Man that they are dealing with a regime that complies to international standards of best practice. This will strengthen efforts to develop our economy and create new investment and employment opportunities.’

The visit to London continued the Isle of Man Government’s programme of engagement with key figures in Westminster and the City, along with MPs from the North West where the Island is continuing to develop its business links. The Chief Minister and Treasury Minister, who were accompanied by Will Greenhow, Chief Secretary, and Della Fletcher, Director of External Relations, also spoke about the Isle of Man’s renewed focus on international development and its continued support for capacity building projects such as the Small Countries Financial Management Programme.

Mr Teare said:

‘This week’s visit to London was extremely successful in terms of building further awareness of the Island’s ability to adapt to a rapidly and decisively changing global environment. The story of the Isle of Man’s development as a leading international business centre and our track record of leadership on global tax issues really struck a chord. We must continue to drive home the message that investors have a lot to gain by doing business in the Isle of Man.’

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