Reading Room
Tax Information Exchange by the Isle of Man
The Organisation for Economic Cooperation and Development (OECD), is a global body tasked with reviewing jurisdictions’ tax information exchange effectiveness. The OECD’s team from the Global Forum on Transparency and Exchange of Information for Tax Purposes, after conducting a stringent peer review, has commended the Isle of Man on the ’effective and expeditious’ way it exchanges information with other countries’ tax authorities.
The peer review assessment involves over 90 countries including the Isle of Man.
The OECD commented further that: "The feedback provided by the Isle of Man’s information exchange partners is very positive; the information requested is provided quickly and exchange of information partners are appreciative of the open and transparent relationship they have with the Isle of Man competent authority." Their report confirms that the island has the legal and regulatory framework required to make information available. It also indicates that the power of the Isle of Man tax authorities to obtain information for exchange is in place, along with effective oversight of the Financial Services Industry by the Isle of Man Regulators.
The island’s treasury minister, Anne Craine, welcomed the report saying: “The peer review report for the OECD’s Global Forum provides authoritative confirmation that the Isle of Man is actively supporting international standards on tax transparency and exchange of information. It shows that the Isle of Man is walking the walk, as well as talking the talk, when it comes to sharing information with our international partners. The island is already recognized on the OECD White List as being in the top tier of countries for transparency and information exchange. This latest report is a further vindication of the approach taken by the Isle of Man, underlining our status as a nation that is both enterprising and internationally responsible.”