Island makes European tax greylist

The Isle of Man's been put onto a European "greylist" of tax havens that are making efforts to mend their ways.

This week, EU finance ministers unveiled a list of 17 countries they consider tax havens - and while the Isle of Man wasn't on that list, it is on a list of those making tax changes to meet international standards.

Chief Minister Howard Quayle welcomed the news, saying the Island had been talking to the EU's Economic and Financial Affairs Council.

And the Island's Chamber of Commerce also said it was glad the Island had escaped being blacklisted.