The Isle of Man Government will be adopting tax information sharing arrangements with the UK and America in a bid to become more transparent.
The Chief Minister announced this morning that the arrangements will follow the FATCA intergovernmental agreement which is being negotiated with America.
Allan Bell says it’s a step in bringing tax transparency and international cooperation to the forefront and is logical to embrace new forms of cooperation with the Island’s largest trading partner.
The two governments will now adopt new reciprocal tax information arrangements which means they will automatically share information on tax residents on an annual basis.
The Chief Minister tells us why it’s a good idea:
(PLAY AUDIO ABOVE)
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