Isle of Man Moves Towards Automatic Exchange?
June 24th, 2009
As Richard Murphy has noted on his blog, the Treasury Minister of the Isle of Man, Allan Bell, has signaled that the small British territory will move adopt a standard of Automatic Exchange of Tax Information. According to the Isle of Man Today:
At a[n] Organisation for Economic Co-operation and Development (OECD) Forum in Paris, Mr Bell will announce that the withholding tax for EU-residents with offshore bank accounts here will be scrapped from July 1, 2011 – and the automatic exchange of tax information introduced.
This is a great step for the Isle of Man. Now we need to make sure that they follow through on it.