{"id":12655,"date":"2011-11-01T09:33:56","date_gmt":"2011-11-01T09:33:56","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=12655"},"modified":"2011-11-01T09:33:56","modified_gmt":"2011-11-01T09:33:56","slug":"the-isle-of-man-is-beginning-to-smell-the-coffee-and-doesnt-like-it","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/11\/01\/the-isle-of-man-is-beginning-to-smell-the-coffee-and-doesnt-like-it\/","title":{"rendered":"The Isle of Man is beginning to smell the coffee – and doesn’t like it"},"content":{"rendered":"

Isle of Man Today is reporting<\/a>:<\/p>\n

COULD there be a fresh threat to the Isle of Man from Europe as finance ministers from the world\u2019s leading economies prepare to a launch their latest assault on tax havens?\u00a0The European Council has announced it wants real progress at next week\u2019s G20 summit in Cannes on \u2018combating the existence of tax havens\u2019.This agenda item is shown completely separate from another that seeks progress on \u2018identifying and publicly listing non-cooperative jurisdictions\u2019.<\/p><\/blockquote>\n

And as they note, this looks ominous:<\/p>\n

Island-based lawyer Jonathan Smalley believes this separation of the two issues is a major new development, and one which sheds a new light on the real thrust of EU policy.<\/p>\n

He said: \u2018If this is not a declaration of war, it sound very like it.\u00a0It is likely that the EU and the G20 will interpret \u201ctax havens\u201d broadly. The term is likely to include low tax jurisdictions, offshore\/international financial centres and the Isle of Man.'<\/p>\n

'It seems in the modern world that being a cooperative jurisdiction is not enough.\u00a0We may have outmanoeuvred the EU on the zero\/10 debate by abolishing the attribution system, so that the island can keep its zero per cent corporate tax rate. The EU have now changed the game.\u00a0It is our existence \u2014 along with other small jurisdictions and part of the UK\u2019s tax laws \u2014 that really concerns them and they intend to combat it.\u2019<\/p><\/blockquote>\n

So you've\u00a0realised\u00a0'smart moves' with the EU aren't enough? Well, welcome to the real world; the one where abuse is not appreciated and where it is realised that is all you are about.<\/p>\n

I'm aware that the OECD is making soft\u00a0noises\u00a0- but as I'll note later today, they're now part of the\u00a0problem\u00a0on tax havens and it is clear the G20 is\u00a0beginning\u00a0to\u00a0realise\u00a0that the OECD toothless approach is no solution to the revenue loss EU and other countries are\u00a0suffering\u00a0to tax\u00a0havens.<\/p>\n

The Isle of Man is right to be worried.<\/p>\n

And I welcome\u00a0this\u00a0lawyer's\u00a0frank\u00a0admission that they're a tax haven. A little honest self\u00a0reflection\u00a0might go a a long way in Douglas right now.<\/p>\n","protected":false},"excerpt":{"rendered":"

Isle of Man Today is reporting: COULD there be a fresh threat to the Isle of Man from Europe as finance ministers from the world\u2019s
 Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,80,10,55],"tags":[],"class_list":["post-12655","post","type-post","status-publish","format-standard","hentry","category-isle-of-man","category-secrecy-jurisdictions","category-tax-avoidance","category-tax-evasion"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/12655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=12655"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/12655\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=12655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=12655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=12655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}