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According to Chief Minister Allan Bell, the Isle of Man is beginning to get its message across to senior politicians, decision makers and opinion formers in the UK, EU and further afield that it is part of the solution not part of the problem of tax evasion.

Mr Bell and Treasury Minister Eddie Teare attended a series of high-level meetings in London last week – and say the island was praised for leading the way on international tax compliance.

 

They said positive discussions took place around progress towards signing an automatic tax information exchange agreement with the UK based on a similar FATCA agreement with the US. There were also discussions on the Vicker’s banking reforms and the need to recognise the important role that offshore financial centres play in being a conduit of billions of pounds of funding to the City of London through the upstreaming of deposits drawn in from around the world.

Mr Bell said: “There is growing recognition of the Isle of Man’s commitment to remaining at the forefront of international developments in tax compliance. We are increasingly being seen as part of the solution rather than part of the problem.

“Our leadership on tax issues and willingness to work with the international community is blowing away the old myths and misconceptions about the Isle of Man. The message is loud and clear; we are a well-regulated international business centre with a diverse and growing economy.”

The visit to London continued the Manx government’s programme of engagement with key figures in Westminster and the City, along with MPs from the North West where the island is continuing to develop its business links.

Mr Teare said: “This week’s visit to London was extremely successful in terms of building further awareness of the island’s ability to adapt to a rapidly and decisively changing global environment. Our track record of leadership on global tax issues really struck a chord. We must continue to drive home the message that investors have a lot to gain by doing business in the Isle of Man.”

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