Isle of Man leads the way in international standards of best practice, says OECD report

August 2, 2012 By

The Isle of Man is at the forefront of international standards of best practice, according to the global body that reviews tax transparency.

The Island was highlighted as one of only 12 reviewed countries worldwide to have all elements of effective tax information exchange in place when the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes presented its 2012 Progress Report to a meeting of the G20 countries in Los Cabos, Mexico.

The Report is based on the peer review programme, which carried out a rigorous assessment of the Isle of Man’s legal and regulatory framework.

Commenting on the OECD’s findings, the Isle of Man’s Chief Minister Allan Bell MHK said: “The Isle of Man has a long track record of complying with international standards and I’m pleased that our efforts to develop an effective regulatory framework for information exchange have been recognised.”

Mr Bell said that the island had, to date, signed five Double Taxation Agreements and 25 Tax Information Exchange Agreements. “The Isle of Man has led the way in terms of putting in place tax cooperation agreements with its partners around the World.”