IoM Signs Global Tax Information Sharing Agreement
by Jason Gorringe, Lowtax.net, London
03 November, 2014
The Isle of Man has signed an historic tax agreement for the automatic exchange of information with tax authorities worldwide.
The Isle of Man was one of the countries that committed to being an "early adopter" of the new global standard for tax information exchange, which is based on the US Foreign Account Tax Compliance Act, at the seventh meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Berlin. 51 signatories, including the Isle of Man, committed to share information automatically in accordance with the Common Reporting Standard developed by the Organisation for Economic Cooperation and Development from September 2017.
Treasury Minister, Eddie Teare, said: "Tax evasion is a global problem and it requires a global solution. The Isle of Man has been at the forefront of support for a single global standard as the fairest and most effective way of achieving tax transparency while minimizing compliance costs for business and government. Today a huge step has been taken towards making that global standard a reality. This initiative has progressed much more rapidly than anybody would have predicted a few years ago, and I am proud that the Isle of Man has been able to play its part."
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