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Isle of Man reaffirms commitment to global standard for tax information exchange

Friday, 29 November 2013

The Isle of Man has restated its support for the development of a single global standard for the automatic exchange of information between tax authorities.

The Island is one of more than 30 countries who have signed up to a joint statement backing the move and calling on others to make the same commitment.

The statement confirms that the countries have joined a pilot project for future multilateral tax information exchange, based on the FATCA model, first launched in April this year by the UK, Germany, France, Italy and Spain.

It adds:

‘In doing so we have recognised that only those financial centres which embrace the new tax transparency and work in close co-operation to tackle cross-border evasion will prosper in future.

‘We call on other countries and jurisdictions to commit to join this initiative at the earliest opportunity with the aim of rapidly creating a truly global system of automatic information exchange and leaving no hiding places for tax evasion’.

Chief Minister Allan Bell MHK said that signing the joint statement was a logical step for the Isle of Man given its previous expressions of support for a global standard and of its intention to engage with the multilateral pilot.

Mr Bell commented:

‘As the joint statement says, tax evasion is a global problem requiring a global solution. The Isle of Man welcomes the movement towards a single global standard, which will lead to greater tax transparency while minimising compliance costs for business and government.’

The joint statement can be found on the Global Forum website at:

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