The UK government has praised the Isle of Man’s efforts aimed at increasing tax transparency and co-operation and urged other jurisdictions to follow its example.
The Treasury issued a statement on Thursday saying the UK government “welcomes” the Isle of Man’s recognition as a jurisdiction that has “substantially implemented the internationally-agreed standard on exchange of information in tax matters, and on its ongoing progress in signing Tax Information Exchange Agreements (TIEAs)”.
In the statement, Financial Secretary to the Treasury Stephen Timms said: “I warmly welcome the Isle of Man’s progress in agreeing Tax Information Exchange Agreements, with 14 signed so far.
“The Isle of Man’s firm commitment to enhanced transparency and exchange of information in tax matters is very encouraging, and I call on others to heed their example.”
The statement added that the UK government also recognised the Isle of Man’s commitment to international standards of anti-money laundering legislation and practice, counter-terrorist financing legislation and financial regulation, and noted that that the jurisdiction was involved in international efforts to combat financial crimes.
