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High praise for Island's tax transparency

The Isle of Man's approach to exchanging tax information with other countries has been praised as 'effective and expeditious' in a report for the OECD, the Organisation for Economic Cooperation and Development.

The 'peer review', carried out by a team of experts on behalf of the OECD, says feedback from the Island's tax exchange partners is very positive.

Countries signing exchange agreements with each other can expect to obtain information on request, so they can enforce domestic tax laws.

The OECD Global Forum's report says the Manx tax authorities have the power to obtain the information other countries require, with the right legal and regulatory frameworks in place.

It's being welcomed by Treasury Minister Anne Craine who says it shows the Isle of Man is 'walking the walk, and talking the talk' when it comes to sharing information with international partners.

She says it's 'an authoritative stamp of approval' that the Island actively supports international standards on tax transparency and exchange of information.

The Isle of Man signed its first tax information exchange agreement in 2006.

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