The Isle of Man has retained its 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 its latest ratings following the start of its second round of reviews.
The Isle of Man is one of only 6 countries to be awarded the top compliant rating during the second round of reviews and is currently one of only 3 to have been rated compliant in the first and second rounds of reviews.
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 147 jurisdictions including the Isle of Man.
The rating has been welcomed by the Treasury Minister, Alfred Cannan MHK, who commented:
‘I am delighted that the Isle of Man’s high levels of international cooperation have been recognised in this way. It has become much harder to reach the standard required to achieve a top rating as the bar has been raised for this second round of reviews.’
The OECD ratings can be found at http://www.oecd.org/tax/transparency/exchange-of-information-on-request/ratings/