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The Isle of Man has been awarded the top ‘Compliant’ rating by the global body reviewing tax transparency around the world.

The OECD (Organisation for Economic Co-operation and Development) Global Forum on Transparency and Exchange of Information for Tax Purposes has just published ratings for the 50 countries reviewed to date and the Isle of Man has a better rating than countries like the UK and USA who  have themselves called for greater tax transparency. 

The rating is based on a peer review assessment carried out by a team of experts on behalf of the OECD’s Global Forum, which involves 120 countries including the Isle of Man. The Isle of Man is one of only 18 countries who have been awarded this rating and major economies within the G8 – UK, USA and Germany – who call for greater tax transparency from “tax havens” – not themselves achieving the top rating. A case of “don’t do as we do, do as we say”.

The rating has been welcomed by Chief Minister Allan Bell MHK, who commented:

‘The rating announced today 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.

‘The standard required to achieve a top rating is very high as can been seen by the number of jurisdictions that have not yet made the grade. This is an achievement the Isle of Man is rightly proud of. It is yet further evidence of the Island’s international standing and reputation and that the Island can no longer be referred to as a “tax haven”.’

The full OECD ratings can be found here

 

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