Isle of Man agrees to share tax data with Germany

The Isle of Man has singed an agreement with Germany to share information about tax.

The agreement comes as tax havens face growing pressure from governments to become more open and share more data with tax authorities.

Jeffrey Owens, director of centre for tax policy and administration at the Organisation for Economic Co-operation and Development, welcomed the new agreement.

'The time has now come for all jurisdictions that have made commitments to the international standards of transparency and exchange of information to follow the Isle of Man’s lead in implementing them,' he said.

Since the start of 2007, jurisdictions committed to the OECD principles of transparency and exchange of information have signed 36 bilateral information exchange agreements with OECD countries, with the Isle of Man accounting for 11 of these, the OECD said.

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