IOM - Offshore Tax ‘Haven’ - The Truth

IOM - Offshore Tax ‘Haven’ - The Truth

IOM - Offshore Tax ‘Haven’ - The Truth -Research project by "Tricky Dicky"

There has been a lot of speculation recently both Politically and in the Worlds media about ‘offshore tax havens’, in particular the Isle of Man's (IOM) standing in the Global position concerning tax and more importantly its transparency in these matters. The UK Government, and other Governments around the World have taken it upon themselves to raise the issue of ‘offshore tax havens’ and have stated their desire to remove them, to curb what they have called as ‘tax dodgers’ and ‘money launderers’.

In order to enlighten the Public, the Action Group decided to find out what the situation was for the ‘offshore tax haven’ status of the Isle of Man from a body that is impartial, ie the OECD (Organisation for Economic Co-operation and Development). One of their objectives is "collaboration at the OECD regarding taxation, for example, have fostered the growth of a global web of bilateral tax treaties." Note: both UK and Iceland are full members of the OECD, and members of the OECD in its original format ie the OEEC (Organisation of European Economic Co-operation since its inception on 16th April 1948.
The results are below:
1.13 Dec 2000 - IOM Government letter to OECD re Tax Transparency
2.May 2004 AGREEMENT IN THE FORM OF AN EXCHANGE OF LETTERS ON THE TAXATION OF SAVINGS INCOME
3.12 Oct 2005 - OECD welcomes tax information exchange agreement between Isle of Man and the Netherlands
4.30 Oct 2007 - Isle of Man signs agreements with Nordic economies on exchange of information for tax purposes
5.6 Oct 2008 - OECD: Isle of Man signs agreement with UK
6.2008 - IOM External relations
7.Sept 2008 - The director of tax policy for the Paris-based OECD, Jeffrey Owens, said in September 2008 that the Isle of Man "now has the largest network of agreements" of any offshore centre.
8.29 Sept 2008 - Isle of Man signs tax information pact with United Kingdom
9.Oct 2005 – Sept 2008 OECD – IOM Press Releases
10.10.28 Nov 2008 Jeffrey Owens, Director of the Centre for Tax Policy Administration at the (OECD) Organisation for Economic Cooperation and Development, said. "Only seven centres -- Aruba, the Dutch Antilles, the British Virgin Islands, Bermuda, The Isle of Man, Guernsey and Jersey -- were fully compliant with OECD transparency standards."
11.General - 35 Jurisdictions Committed to Improving Transparency and Establishing Effective Exchange of Information in Tax Matters
12. HMRC Tax Treaties in force - Isle of Man
Tax Treaties: Finland, Greenland, Ireland, UK (inc EU)
Tax Treaties Pending: Denmark, Faroe Islands, Iceland, Norway, Sweden, UK (2008 arrangement, amending 1995 agreement)
Tax Information Exchange Agreements: Denmark, Faore Islands, Finland, Greenland, Iceland, Norway, Sweden, United States, EU Countries

So it appears from the above that as far back as 1955, and probably before this date, the IOM have been working on Agreements etc, so that they comply with, and potentially go beyond, all the necessary requirements of the OECD, in regard to transparency and issue of information for tax purposes.

IMPORTANT

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