Chief Minister Allan Bell MHK has written to the UK Prime Minister reaffirming the Isle of Man’s commitment to working with its international partners to promote tax co-operation and transparency.
In an update ahead of the G20 Summit later this week, Mr Bell confirms that the Manx Government has now formally requested the extension to the Island of the Multilateral Convention on Mutual Assistance in Tax Matters.
The Convention, expected to come into effect here from January 1 next year, offers an accessible route for developing countries to benefit from tax information exchange. Mr Bell gave a commitment that the Isle of Man would join the Convention in a letter to Mr Cameron prior to the G8 Summit in June this year.
In his latest letter to the Prime Minister, the Chief Minister writes: ‘The Isle of Man has had a long standing policy of constructive engagement with the evolution of international standards. We therefore welcome the increasing global recognition of the importance of automatic tax exchange, which the United Kingdom did much to promote at the G8 Summit and which it continues to drive forward.’
Mr Bell adds that on the issue of beneficial ownership, another priority at the G8 Summit, the Island’s review is on-going in line with the action plan it published on June 18.
The letter to Mr Cameron concludes: ‘I am pleased to reiterate the continuing commitment of the Isle of Man to working with you and the international community on these important matters.’
