The Isle of Man will move to automatic exchange of information within the EU in its application of the European Union Savings Directive (EUSD), putting it at the forefront of international tax co-operation and transparency, and allowing for free exchange between countries.
The Isle of Man will move to automatic exchange of information within the EU in its application of the European Union Savings Directive (EUSD), putting it at the forefront of international tax co-operation and transparency, and allowing for free exchange between countries.
The new tax policy, which takes effect from 1 July 2011 will be announced by IoM Treasury Minister, Allan Bell, at the annual Organisation for Economic Co-operation and Development (OECD) Forum in Paris.
It means the withholding tax option currently available to customers having accounts with Isle of Man banks by virtue of the transitional arrangements in the EUSD will be withdrawn.
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