Tax agreement will not deter new business says Chamber of Commerce

The Chamber of Commerce feel a landmark tax agreement between the Isle of Man and UK will do nothing to deter financial institutions coming to the Island.

The cooperation agreement is geared toward stamping out UK tax evaders.

Under the plans the Isle of Man will be expected to share a wide range of financial information on UK tax payers with accounts here, to HM Revenue and Customs.

Mike Hennessy of the Chamber of Commerce says it’s a positive move, as those set to suffer under the agreement are not the types of clients the Island wants to attract anyway:

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