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.
‘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: http://www.oecd.org/tax/transparency/Joint%20Statement.pdf