Tax reforms on Isle of Man welcomed
26 June 2009 08:10
Reforms in the Isle of Man tax system have been welcomed by the British government.
From July 2011, people in tax jobs will be required to provide information automatically on savings interest on accounts based on the island.
The move is in line with EU law, which calls for a removal of the arrangements which allow for withholding tax options.
Stephen Himm, financial secretary to the Treasury, said: "I warmly welcome this move by the Isle of Man, which reflects the aim of the Savings Directive to promote exchange of information for tax purposes.
"This will enhance transparency and help ensure that tax is paid where it is due. We encourage all jurisdictions that apply the transitional withholding tax to move to exchange of information as soon as possible."
The Isle of Man is a Crown Dependency, which means it has its own government and legal system.
Find the latest Tax Jobs in London with Witan Jardine.
From July 2011, people in tax jobs will be required to provide information automatically on savings interest on accounts based on the island.
The move is in line with EU law, which calls for a removal of the arrangements which allow for withholding tax options.
Stephen Himm, financial secretary to the Treasury, said: "I warmly welcome this move by the Isle of Man, which reflects the aim of the Savings Directive to promote exchange of information for tax purposes.
"This will enhance transparency and help ensure that tax is paid where it is due. We encourage all jurisdictions that apply the transitional withholding tax to move to exchange of information as soon as possible."
The Isle of Man is a Crown Dependency, which means it has its own government and legal system.
Find the latest Tax Jobs in London with Witan Jardine.
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