New laws to tackle tax evasion by EU savers

July 1st, 2009

The Isle of Man plans to change its tax laws to clampdown further on tax evasion by savers resident in European Union member states.

Daily Telegraph

Currently they can either pay a withholding tax on the interest credited to their account or to allow exchange of information on their savings with their home tax authorities.

The Manx Treasury plans effectively to withdraw the withholding tax option from July 1, 2011, making exchange of information obligatory.

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