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IoM escapes G20 tax haven blacklist

The Isle of Man has avoided being listed on the G20 tax haven black list.

The list of non-co-operative offshore jurisdictions published yesterday by the Organisation for Economic Co-operation and development in conjunction with G20 discussions named and shamed Costa Rica, Malaysia, the Philippines and Uruguay as the worst offenders who had not committed to the internationally agreed tax standard.

The Isle of Man has 14 tax information exchange agreements in total, 12 of which with OECD countries.

Isle of Man chief minister Tony Brown MHK says: “We welcome the G20’s demands for international offshore centres to commit to international standards of tax transparency and information exchange.

“We are delighted that our work has been recognised at the highest level and a distinction made between those jurisdictions that have made great strides in this arena and those that have not.”

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