Chief Minister Howard Quayle said the impact on the island’s reputation of the Paradise Papers allegations should not be underestimated.

Although extensive coverage in the Guardian and the BBC’s Panorama programme did not actually produce any evidence of laws being broken in the island, it created a debate capitalised upon by opponents of offshore jurisdictions.

Mr Quayle said: ’Whilst a large part of our diverse economy is not directly affected by the media focus, we cannot underestimate the impact it has had on our reputation, and those of other international finance centres around the world.

’Our overall message has been clear and consistent - the Isle of Man is not a place that welcomes those seeking to evade or aggressively avoid taxes.’

He insisted the island was not complacent in the face of the criticism and also pointed to a shift in some of the arguments, with other media commentators recognising the level of regulation and transparency operated in both the Isle of Man and some of the other jurisdictions that came under fire.

’We are now seeing some more balanced and reasoned arguments coming forward from expert commentators, which we welcome.’

But, he added: ’Where the Isle of Man’s integrity is challenged we will not be complacent.

’Against a backdrop of significant allegations surrounding VAT treatment on business jets we acted swiftly and decisively to take action, demonstrating that the island is a well-regulated, open and transparent member of the international community.’

The Manx Government has already invited the UK Treasury to conduct an assessment of its practices concerning the importation of jets via the Isle of Man into the EU, after making clear it had found no evidence of wrongdoing.

In Tynwald on Tuesday, MHK Bill Shimmins (Middle) asked what steps the Isle of Man had taken to defend its reputation.

Mr Quayle said the approach had been to ’engage’, both locally and on an international level.

’Off-island we are engaging with key stakeholders in the UK and the international community who understand the value international finance centres play in the global economy,’ he said.

’We will continue this engagement to help us ensure the debate is balanced, based in fact and that our hard-won reputation for international compliance and transparency remains front and centre.’

He pointed to the publication last week of the latest ratings from the OECD Global Forum on Transparency and Exchange of Information for Tax.

’The of Man has retained its top "compliant" rating,’ he said.

’This makes us one of only six countries to be awarded the top compliant rating during the second round of reviews and we are currently one of only six to have been rated compliant in the first and second rounds of reviews.

’I am delighted with this rating, which demonstrates clearly our high levels of international cooperation.’

Jason Moorhouse (Arbory, Castletown and Malew) asked whether it was time for the Chief Minister’s office to ’retain editorial rights’ for interviews given by Mr Quayle on matters of ’national importance’.

The Chief Minister, who has in the past been a critic of local media, laughed off the suggestion.

’I would love to live in a world where editorial rights would be retained, but if I said to the likes of Panorama or Le Monde, "I want to retain my editorial rights", I don’t think you could print in Hansard what the answer would be.’