Isle of Man commits to OECD reforms
The Isle of Man has joined the Netherlands Antilles and committed itself to eliminating harmful tax practices by 2006, after first refusing to comply with the OECD.
It has joined with other tax havens including, Bermuda, the Cayman Islands, Cyprus, Malta, Mauritius and San Marino, who are committed to reform. They will now not feature on the list of unco-operative tax havens to be completed in July 2001.
In July this year the Isle of Man joined the Channel Islands and refused to reform their tax regimes unless other countries with similar systems were made to follow suit. The two islands claimed the OECD list of 35 tax havens earmarked for reform, omitted countries with attractive tax regimes such as Switzerland and Luxembourg.
The commitment of the Isle of Man and the Netherlands Antilles will include undertakings to be transparent, non-discriminatory and effectively co-operate with OECD in all their financial dealings.
The OECD welcomed the announcement and invited them to participate in the next meeting of the OECD’s Global Forum on Taxation in March 2001, at which there will be a discussion of how to design and implement the effective exchange of information agreements.
The OECD also encouraged other jurisdictions to come forward with such commitments.
Links
Tax haven islands reject OECD reforms.
OECD names and shames 35 tax havens.
Six tax havens escape blacklist.