I reported on Sunday news that has reached me that the Isle of Man is to be forced to renegotiate its VAT agreement with the UK, again.
Now comes the reaction from the Isle of Man:
'Little credence' should be given to a keen opponent of the offshore financial centres, as he bids to further 'undermine the Isle of Man'.
That’s the stance of the Isle of Man's Minister for Economic Development, Allan Bell, after Richard Murphy claimed the Manx government would have to renegotiate its VAT sharing agreement with the United Kingdom for the second time in a year.
Mr Murphy, of the Tax Justice Network, has been give credit for the change which saw the Island's VAT receipts cut by £90 million this year and by £140 million a year thereafter.
However, Mr Bell is dismissing his latest claim that another renegotiation is around the corner.
This is about normal for the Isle of Man. But my source has always been right to date. So let’s see, I say.
And it’s odd that they keep giving me credit for forcing the last change – the only reason I think there is any truth in that claim is because they say it.
And let’s also be clear – I’m not for a minute seeking to 'undermine the Isle of Man'. I’m seeking to stop abuse centred in the Isle of Man. That’s something very different.