Isle of Man rated tax compliant by OECD

Added on 27/11/2013

The Organisation for Economic Co-operation and Development (OECD) has awarded the Isle of Man the top tax compliance rating, reports Tax News.

Of the 50 countries reviewed to date by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes only 18 received the top rating.

The rating is based on a peer review assessment by a team of experts working on behalf of the OECD's Global Forum, which covers 120 countries.

The island's Chief Minister, Allan Bell, welcomed the news, saying: "The rating announced today by the OECD's Global Forum puts the Isle of Man into the premier league and yet again confirms its position as one of the world's leading international business centers.

"The standard required to achieve a top rating is very high as can been seen by the number of jurisdictions that have not yet made the grade. This is an achievement the Isle of Man is rightly proud of. It is yet further evidence of the Island's international standing and reputation and that the Island can no longer be referred to as a 'tax haven.'"

In October of this year the Isle of Man became the first British dependency to sign a FATCA-style agreement with the United Kingdom extending the automatic disclosure of tax information.