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The Isle of Man and UK governments have pledged to strengthen their cooperation to tackle tax avoidance and evasion, following a high-level meeting held earlier this week.
Isle of Man Treasury Minister Dr Alex Allinson MHK held a virtual meeting with UK Exchequer Secretary to the Treasury James Murray MP on Tuesday, May 27.
After the meeting, both parties issued a joint statement reaffirming their commitment to transparency and the integrity of their tax systems.
‘The UK and the Isle of Man have a long-standing history of collaboration in the fight against tax avoidance and evasion, and in our successful cooperative efforts to promote transparency while ensuring that our tax systems are robust and fair,’ the statement read.
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Both governments were early adopters of the OECD’s Common Reporting Standard, which facilitates the automatic exchange of financial account information between jurisdictions. They are also working together on the Crypto-Asset Reporting Framework, which will allow for the automatic exchange of information on crypto-assets.
The Isle of Man and UK have each implemented new measures under the Global Base Erosion Rules - part of the OECD’s Pillar 2 Global Minimum Tax initiative - aimed at tackling tax base erosion and profit shifting by multinational companies.
Dr Allinson and Mr Murray said both jurisdictions are committed to deterring and disrupting marketed tax avoidance schemes that pose a risk to public finances and to the reputation of their respective financial services sectors.
‘This proactive stance safeguards tax revenues and ensures fairness for all taxpayers,’ the ministers said.
With the UK Government currently consulting on new steps to crack down on promoters of such schemes, both sides have agreed to explore ways to enhance information sharing, joint working, and further collaboration that will deliver practical benefits for both jurisdictions.
The ministers concluded: ‘We look forward to continuing our partnership and achieving tangible results in our shared objective of combatting tax avoidance and evasion.’