The Isle of Man is off EU Grey List

The Isle of Man has been removed from the EU’s list of non-cooperative tax jurisdictions.

Chief Minister Howard Quayle confirmed this afternoon (12th March) the Island is one of the nations which has been removed from the list.

Mr Quayle tweeted: ‘Delighted to see the #IsleofMan removed from the EU’s grey list of non-cooperative tax jurisdictions today. This is testament to the ongoing hard work to ensure the #IOM is an internationally responsible jurisdiction.’

The list, which is part of the EU’s external strategy for taxation as defined by the European Council, is intended to contribute to efforts to prevent tax avoidance and promote good tax governance worldwide.

The Isle of Man was placed on the greylist by the EU Code of Conduct Group in December 2017 as there were concerns that the Island did not have legal substance requirements for entities doing business in or through the jurisdiction.

In response, the Island proactively engaged with the Group and worked closely with Jersey and Guernsey to develop proposals to address the concerns raised. This resulted in new legislation which was introduced in December 2018.

Mr Quayle MHK said: ‘We welcome this positive endorsement of our commitment and proactive engagement with international standards. The government has engaged at every stage to ensure any concerns expressed by the Group were addressed. The Isle of Man is a well-regulated transparent jurisdiction that takes its international responsibilities extremely seriously. We have a positive role to play in today’s global economy and will continue to be a responsible and open member of the international community at the forefront of international standards and have a continued commitment to tax transparency and cooperation.’

 

news released on iomtoday.co.im

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