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Working with the United Kingdom to promote global tax transparency is all part of the Isle of Man’s long standing commitment to international responsibility and co-operation.

That is the message from Chief Minister Allan Bell MHK ahead of the G8 summit to be hosted by the UK in Northern Ireland later this month (June 17-18).

As a leader in the field of tax co-operation the Isle of Man welcomes the UK’s focus on developing a global standard in transparency, says the Chief Minister.

Mr Bell has written to Prime Minister David Cameron confirming the Island’s position on tax information exchange and the identification of corporate beneficial ownership.

The letter formalises the Island’s commitment to joining the Multilateral Convention on Mutual Assistance in Tax Matters, which aims to include developing countries within tax information exchange networks. It adds that the Isle of Man will be publishing an action plan on beneficial ownership to review existing provision.

The Chief Minister commented:

‘The agenda of tax co-operation and transparency is more dominant than ever before, but it is an agenda that the Isle of Man has been working to for many years.

‘We welcome the United Kingdom’s focus on this area, and in particular the objective of achieving a global standard of tax transparency to provide a level playing field for countries across the world.

‘Working in partnership with the UK on these issues is a continuation of our long established policy of international responsibility and co-operation in tax matters. Likewise joining the Multilateral Convention on Mutual Assistance in Tax Matters is a logical step for the Island, given that we have led the way in signing tax information exchange agreements around the world.’

Mr Bell added that he was looking forward to representing the Isle of Man at the pre-summit ‘Trade, Tax and Transparency’ conference in London on June 15. ‘This will be an invaluable opportunity to promote the Island’s position amongst a high profile and influential international audience’, he said.

Commented Paul Swindale, Director DCTS: "As a licensed corporate and trust service provider in a quality jurisdiction we see this action as a natural progression in the Island's future and another confirmation of our status as a jurisdiction looking to be as transparent as possible. It is the way the world is, and we need to be at the forefront of these agreements and hold our head high as a leader in pushing decisions of this nature"