Manx government welcomes international FATCA tax information exchange proposal

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THE Manx government has welcomed moves to introduce a form of tax information exchange throughout the world

Chief Minister Allan Bell MHK today held a press conference about the issue.

UK Prime Minister David Cameron will be hosting this year’s G8 meeting of world leaders on 17 and 18 June.

Among the topics expected to be on the summit agenda is the initiative announced by the UK, France, Germany, Italy and Spain on April 9 for developing and piloting a form of multilateral tax information exchange based on the model FATCA intergovernmental agreement which they developed with the USA. Further European Union member countries have said that they will join the pilot.

In a statment released today, the government said: ‘The Isle of Man Government welcomes this move and intends to engage with the pilot and in supporting the development of a new global standard on automatic information exchange. Having a single global standard will lead to greater tax transparency while minimising compliance costs for business and government.’

More on this story in tomorrow’s Manx Independent

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