Island taken off tax 'grey list'

The Isle of Man has been removed from an EU tax 'grey list' of non-cooperative jurisdictions.

The Island was placed in Annex II of the Economic and Financial Affairs Council's list in December 2017 over concerns it didn't have legal substance requirements for entities doing business in or through the nation.

However, the EU Code of Conduct Group has since reviewed the position and taken the Isle of Man off the list due to its work over the last year to rectify issues surrounding the matter.

Chief Minister, Howard Quayle MHK, has welcomed the decision, saying its testament to the hard work being done to make the Island an 'internationally responsible jurisdiction'.

Delighted to see the #IsleofMan removed from the EU's grey list of non-cooperative tax jurisdictions today. This is testament to the ongoing hard work to ensure the #IOM is an internationally responsible jurisdiction. @EU_Commission #tax #transparency #governance #Manx ???? https://t.co/rAygI9y2kQ

— Howard Quayle (@HowardQuayleMHK) March 12, 2019