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Isle of Man not a tax haven: ministers

14 July 2008
Categories: News
Island has no secrecy laws, insists inquiry submission

The Isle of Man should be regarded not as a tax haven but as a responsible financial centre, according to the Manx government.

In their submission to the Treasury Committee's inquiry into offshore finance, ministers of the crown dependency insist that in recent years the Isle of Man has 'striven to comply with the highest standards of international financial regulation' and 'has no secrecy laws or practices that protect the identity of bank customers'.

The document claims that the Isle of Man has 'always been careful to maintain an appropriate balance between the confidentiality of private bank customers… on the one hand, and the need for taxing and regulatory authorities to be privy to certain information on the other'.

As such, says the Manx government, the island should not be 'bracketed with jurisdictions [that] have actively introduced laws and practices to promote secrecy'.

The submission paper adds that 'there is no doubt that the Isle of Man is transparent and operates under the rule of law' in the operation of its legislative, legal and administrative provisions.

It goes on to note that the island shares 'a strong business culture' with the UK, and the crown dependency has 'established a reputation for being internationally responsible and economically competitive'.

Manx chief minister Tony Brown remarked that 'the Isle of Man is a responsible international finance centre, and is recognised as such by the [Organisation for Economic Co-operation and Development].

He went on: '[We have] been able to show that the island is at the forefront of small jurisdictions working with the OECD to improve the exchange of tax information.

'We have demonstrated that the Isle of Man complies with the highest international standards of financial regulation… and is acknowledged by authorities in the United States and elsewhere as an active partner in combating global financial crime'.

Categories: News
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