The Isle of Man has been awarded the top ‘Compliant’ rating by the global body reviewing tax transparency around the world.
The OECD (Organisation for Economic Co-operation and Development) Global Forum on Transparency and Exchange of Information for Tax Purposes today published ratings for the 50 countries reviewed to date and the Island is one of only 18 to be awarded the top rating.
The rating is based on a peer review assessment carried out by a team of experts on behalf of the OECD’s Global Forum, which involves 120 countries including the Isle of Man.
The rating has been welcomed by Chief Minister Allan Bell MHK, who commented:
‘The rating announced today by the OECD’s Global Forum puts the Isle of Man into the premier league and yet again confirms its position as one of the world’s leading international business centres.
‘The standard required to achieve a top rating is very high as can been seen by the number of jurisdictions that have not yet made the grade. This is an achievement the Isle of Man is rightly proud of. It is yet further evidence of the Island’s international standing and reputation and that the Island can no longer be referred to as a “tax haven”.
The OECD Rtings can be found here (PDF)