The Isle of Man has been named as one of only eight countries around the world following best practice in exchanging tax information with other nations.
The recognition has come in a report on tax transparency from the Organisation for Economic Cooperation and Development, the global body overseeing standards of economic governance.
The study, delivered to the G20 yesterday (Friday), named the Isle of Man among a handful of jurisdictions with all elements of effective information exchange in place. The list also includes France, Italy, Japan and Norway.
It comes in the wake of another review by the Financial Stability Board for G20, which praised the Island for its international cooperation in tax affairs.
The report referred to is here. But there's a problem for the Isle of Man. There's no doubt it did well in this test on ability to information exchange. But as I've already noted in comments on this blog, it doing so is a bit like the student who got A* in the GCSE in making love but has yet to have a partner. Geting a good mark in theory and actually getting on with the reality are sometimes two very different things. The Isle of Man has to actually deliver now, and I'm not holding my breath.
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Looks like the UK failed the GCSE.
Still a positive move in the right direction! Surely a better analogy is that of learning to drive? You need to pass the theory before you can succeed in practice, I say give the Island a chance to improve before you give up on it completely.
I agree with Zaphod, the UK and it’s other dependencies can’t even get the theory right, I would suggest that’s a much bigger story from this report!
I accept the UK has nothing to be proud of
But then it is a much more important tax haven than the IoM – as I have often said
Richard
Don’t rely on our radio station, or on other headlines – read the main OECD bumf. Our practical operation of information exchange has been assessed (‘Phase 2’) and we are very good at it. Simples.
Juan
I have read the OECD
It says you’re for all practical purposes virgins
Don’t believe a single word uttered by the Isle of Man government.
Or the OECD.
Good on the radio to help further brainwash the local people – that “everything is OK”.
In fact just another meaningless “study” for consumption by the gullible.
In less polite circle’s this is known as pxssing up each others back.
And they don’t fool us
Remember that the Isle of Man is inextricably bound to the City — and the island can’t do anything (of any financial consequence) without the say-so from its “rulers” in the City.
Richard,
The PR campaign of IOM plc is on full steam ahead under its new CEO Allan Bell.
I guess you will have seen the latest here http://www.iomtoday.co.im/news/isle-of-man-news/more_praise_for_island_over_tax_transparency_1_3946094
and also in the Telegraph: http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/8859610/Trust-us-says-the-Isle-of-Man-were-the-pension-place.html
Also, some interesting comments from the locals in a recent “Tax Havens” thread on the Manx Forums website: http://www.manxforums.com/forums/index.php?/topic/49432-tax-havens/ Recognition from a fair number there that the IOM IS a tax haven and, from some posters, that while it may be legal it is certainly not moral. Maybe the message is getting through?
Anrigaut.
The world can only guess just how moral, ethical or legal are the shenanigans of the Isle of Man government and the finance industry which it has invited to invade this lovely island.
This because the island is closed to inspection.
No Freedom of Information Act and no way of finding out what is going on…
Except that the island’s PR machine will regular spin out humbug claiming that the island has become compliant to the latest OECD “information exchange” proposal — which can never be verified.
Meanwhile lawyers, bankers and accountants busy themselves adding to the islands already formidable arsenal of tax avoidance apparatus; as the previous ones become obsolete they are replaced with even more convoluted and untraceable models
Thank you for drawing PSG attention to: – http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/8859610/Trust-us-says-the-Isle-of-Man-were-the-pension-place.html
There is a girl posting there under the name Maria.
She fully deserves a gigantic bunch of flowers!