Bell writes to Cameron

UK Prime Minister David Cameron

UK Prime Minister David Cameron

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Chief Minister Allan Bell has written to the UK Prime Minister reaffirming the island’s commitment to working with the international community to promote tax co-operation and transparency.

In an update ahead of this week’s G20 Summit, Mr Bell confirms the government has now formally requested to join the Multilateral Convention on Mutual Assistance in Tax Matters.

The Convention, expected to come into effect here from January 1, offers an accessible route for developing countries to benefit from tax information exchange.

Mr Bell gave a commitment to join the Convention in a letter to Mr Cameron prior to the G8 Summit in June.

In his latest letter to the Prime Minister, he writes: ‘The Isle of Man has had a long standing policy of constructive engagement with the evolution of international standards. We therefore welcome the increasing global recognition of the importance of automatic tax exchange, which the UK did much to promote at the G8 Summit and which it continues to drive forward.’

Mr Bell adds that on the issue of beneficial ownership, another priority at the G8 Summit, the island’s review is on-going in line with the action plan it published on June 18.

His letter concludes: ‘I am pleased to reiterate the continuing commitment of the Isle of Man to working with you and the international community.’

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