The Isle of Man is one of 30 countries to have signed up to a joint statement supporting the development of a single global standard for the automatic exchange of information between tax authorities.
The statement confirms the countries have joined a pilot project for future multilateral tax exchange, based on the FATCA model, launched in April.
And it calls for other countries to join this initiative ‘at the earliest opportunity with the aim of creating a truly global system of automatic information exchange and leaving no hiding places for tax evasion’.
Chief Minister Allan Bell said that signing the statement was a logical step.
‘As the joint statement says, tax evasion is a global requiring a global solution. The Isle of Man welcomes the movement towards a single global standard, which will lead to greater tax transparency while minimising compliance costs for business and government.’
Read the joint statement in full on the Global Forum website.