The Chief Minister has told Tynwald that increased communication with the UK and USA is crucial to safeguard the Isle of Man’s long-term future.
Allan Bell was referring specifically to the new information exchange agreement with Britain and the ongoing negotiations with America.
He admitted the Island has been under intense pressure to adjust its tax regime for more than 10 years.
Quite bluntly, Mr Bell said the Isle of Man could sit back and let others dictate international tax regulations, or play an active role in helping to shape them.
The Chief Minister added that maintaining the Island’s good business reputation was pivotal and had to remain a priority.
He concluded by saying the Isle of Man had no greater number of tax evasion issues than the UK does, and government would continue working hard to tackle underlying problems in this area.
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