Stephen Timms comments on OECD positive recognition of IOM

The United Kingdom has welcomed the Isle of Man’s recognition by the Organisation for Economic Co-operation and Development (OECD) as a jurisdiction that has substantially implemented the internationally agreed standard on exchange of information in tax matters and on its ongoing progress in signing Tax Information Exchange Agreements (TIEAs).

Financial Secretary to the Treasury, Stephen Timms, said:

[private]“I warmly welcome the Isle of Man’s progress in agreeing Tax Information Exchange Agreements, with 14 signed so far. The Isle of Man’s firm commitment to enhanced transparency and exchange of information in tax matters is very encouraging, and I call on others to heed their example”.

The United Kingdom also recognises that the Isle of Man is committed to international standards of anti-money laundering legislation and practice, counter terrorist financing legislation and financial regulation, and that the Isle of Man participates in international efforts to combat financial crimes.

Notes

1. The Isle of Man has signed Tax Information Exchange Agreements with the following jurisdictions: Australia, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Netherlands, Norway, Sweden, United Kingdom and the United States.

2. Tax Information Exchange Agreements allow governments to enforce their domestic tax laws by exchanging, on request, information relevant for tax assessment and compliance purposes. They are based on principles of transparency and exchange of information developed by the OECD and endorsed by the G20.

3. In its progress report on the implementation of the internationally agreed tax standard, issued in conjunction with the G20 London Summit of 2 April 2009 , the OECD listed the Isle of Man as a jurisdiction that has substantially implemented the internationally agreed standard.[/private]