Mon, 10/12/2012 - 06:06
The Isle of Man Government has confirmed that it will be adopting tax information sharing arrangements with the UK which will follow closely the FATCA intergovernmental agreement currently being negotiated with the US.
Chief Minister Allan Bell (pictured) says: “The nature of tax cooperation is changing and, as I made clear in my Agenda for Change speech to Tynwald in October, automatic exchange is becoming the global standard. The island already shares tax information automatically under the EU Savings Directive and has recently announced that it will do so on a wider basis with the US.
“This decision is a well-considered next step in the island’s long-established policy of commitment to being at the forefront of tax transparency and international cooperation. The Isle of Man has achieved global recognition for its proven record of compliance with current international standards of tax co-operation, with the OECD reporting to the G20 last year that the island was one of only a few jurisdictions with all the elements of effective tax information exchange in place. At the same time the Financial Stability Board placed the Isle of Man in the highest category of co-operative jurisdictions strongly adhering to international standards of co-operation and information exchange.
“Continuing with this approach, it is logical for the Isle of Man to embrace new forms of tax cooperation with our largest trading partner, the UK.”
This means that the Isle of Man Government will work together with the UK Government on concluding a number of measures which will enhance tax transparency as part of their shared commitment to combat tax evasion and financial crime. The two governments will adopt new enhanced reciprocal tax information sharing arrangements, under which they will automatically exchange information on tax residents on an annual basis.
To minimise the burden on financial institutions, the approach will follow as closely as practicable the Model Intergovernmental Agreement reached between the UK and US and will be concluded to the same timetable as the agreement between the Isle of Man and the US.
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