24th June 2009
ISLE OF MAN TREASURY MINISTER ANNOUNCES MAJOR TAX POLICY MOVE AT OECD FORUM IN PARIS
The announcement of a move to automatic exchange of information under the EU Savings Directive keeps the Isle of Man at the forefront of tax co-operation
The Isle of Man Treasury Minister, Allan Bell, MHK, will speak today (24 June 2009) at the prestigious international 10th Organisation for Economic Co-operation and Development (OECD) Forum in Paris, “The Crisis and Beyond”. Mr Bell has also attended a private dinner on the evening of Monday 22 June 2009 hosted by the OECD Secretary-General, Angel Gurría.
Speaking at the same conference session as Minister Bell, which is titled “Promoting Market Integrity” is a group of major global figures:
• Cobus de Swardt, Managing Director, Transparency International;
• Luc Frieden, Minister of Treasury and Budget, Luxembourg;
• Jean-Daniel Gerber, State Secretary for Economic Affairs, Federal Department of Economic Affairs, Switzerland;
• Jeffrey Owens, Director, Centre for Tax Policy and Administration, OECD;
• Guy Ryder, General Secretary, International Trade Union Confederation; and
• Stephen Timms, Financial Secretary, The Treasury, United Kingdom.
Minister Bell will take the opportunity in his comments to thank Secretary-General Gurría for inviting him to speak at the forum, and to signal the importance that the Isle of Man saw in being recognised by the major world economies in this way.
Minister Bell will put forcefully his view that small countries have a lot to gain by engaging with their larger neighbours and with international organisations such as the OECD, but also that they have a lot to contribute to the ongoing development of standards. The Isle of Man, like other small countries, faces many challenges through engaging internationally in this way – not least in terms of resources – but is proud of the enormous strides that it has taken and of its achievements.
In addition to sharing his views on promoting market integrity, Minister Bell will announce a key new tax policy on behalf of the Isle of Man Government. From 1 July 2011, the Isle of Man, in its application of the European Union Savings Directive (EUSD), will move fully to automatic exchange of information. This means that 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to customers having accounts with Isle of Man banks by virtue of the transitional arrangements in the EUSD will be withdrawn.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 said, “The Isle of Man has led the way for a number of years now in how small countries with financial services centres should operate in the globalised economy. 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 centre of choice for high-quality business and investment.”
“My announcement today is further evidence that the Isle of Man is prepared to align its policies with international benchmark standards, which signals to our trading partners and investors alike that we can be relied upon and that our name is associated with probity and foresight.”
The full text of the news release issued today can be viewed here.