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OECD praises Crown Dependencies on tax

Posted by in Industry news on 11th March 2014

The Secretary General of the Organisation for Economic Co-operation and Development (OECD), Angel Gurria, recently commended the Isle of Man, Jersey, and Guernsey for the progress they have made towards increasing tax transparency.

Mr Gurria said during a debate at the European Competition Forum in Brussels that he has "received a number of commitments directly from the Crown Dependencies" since the G8 Summit in Loch Erne in 2013. He continued: "This is a good development, although there is still more to do. Some of the problems are not in the islands, but in the 'big islands' – in the UK itself and in the US."

The Chief Minister of the Isle of Man, Allan Bell, welcomed Mr Gurria's endorsement, noting that the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes last year awarded the island the top "compliant" rating.

"This level of recognition, together with the comments made by Angel Gurria, reflects the island's positive leadership on tax transparency and information exchange. As the Treasury Minister said in his Budget speech, 2013 was a truly monumental and ground-breaking year for the Isle of Man and we will continue to play our part in future developments," Mr Bell said.

"Tax evasion is a global problem and the Isle of Man has demonstrated its willingness to be part of the global solution. We support the creation of a single international standard and the further promotion of a level playing field in terms of tax information exchange,"

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