Isle of Man applauded for TIEAs

The UK has applauded the Isle of Man’s ongoing efforts to quash its image as an offshore tax haven.

The Treasury welcomed the Organisation for Economic Co-operation and Development’s recognition of the Crown dependency as a jurisdiction that has substantially implemented the internationally agreed standard on exchange of information in tax matters.

The department also acknowledged the island’s ongoing progress in signing Tax Information Exchange Agreements (TIEAs), with 14 so far drawn up.

Financial Secretary to the Treasury, Stephen Timms, said: ‘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 Treasury also praised Manx commitment to international standards of anti-money laundering legislation and practice, counter-terrorist financing legislation and financial regulation, and its participation in international efforts to combat financial crimes.

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