OECD Awards Isle of Man “Premier League” Compliancy Rating
The Isle of Man has been awarded the highest ‘Compliant’ rating by the global body reviewing tax transparency around the world.
The Organisation for Economic Co-operation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes has just published ratings for the first 50 countries it has reviewed and the Island is one of only 18 to be awarded the top grading.
When complete, the rating will apply to 120 countries worldwide and is based on a peer review assessment carried out by a team of experts on behalf of the OECD’s Global Forum.
Confirmation that the Isle of Man has been afforded superior tax compliancy status has been welcomed by the Island’s Chief Minister Allan Bell MHK. “The announcement by the OECD’s Global Forum puts the Isle of Man into the Premier League and yet again confirms its position as one of the world’s leading international business centres,” he said.
Meanwhile, the lead Director of Cavendish Trust, one of the Isle of Man’s leading international trust and corporate service providers, said it was an achievement of which the Island could be rightly proud. “This globally recognised rating is yet further evidence of our growing international standing and credibility. You only have to look at the number of jurisdictions that have not yet made the grade to see that the standard required to achieve a top OECD compliancy rating is extremely high.”