Isle Of Man Removed From Colombian Tax 'Blacklist'
by Mike Godfrey, Lowtax.net, Washington
21 October, 2014
Colombia has removed the Isle of Man from its offshore blacklist, recognizing its commitment to the international exchange of tax information.
The move recognizes that the Isle of Man and Colombia have both joined the OECD Convention on Mutual Administrative Assistance in Tax Matters, which provides for administrative assistance in tax matters. The Convention entered into force in the Isle of Man on March 1, 2014, and in Colombia on July 1, 2014. Currently 84 jurisdictions have committed to cooperate under the Convention.
The Isle of Man's Treasury Minister, Eddie Teare, said: "The Isle of Man welcomes the Colombia's recognition of the island's longstanding commitment to transparency and exchange of information for tax purposes. And as partners under the Convention, the Isle of Man looks forward to working with Colombia to tackle tax evasion and avoidance through the exchange of tax information."
Placement on Colombia's blacklist can lead to the imposition of a 33 percent withholding on money transfers, rather than the standard 10 percent. Colombia now has 41 countries on its blacklist.
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