Isle of Man agrees to share tax data with Germany
Agreement comes as governments plan global clamp down on offshore financial centres
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.
Further reading:
Hit squads to spearhead tax haven clampdown