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US-IOM FATCA passes latest Manx hurdle

 

The Island is a step closer to sealing the landmark FATCA tax-sharing agreement with the United States.

Treasury minister Eddie Teare has won Tynwald support for measures to enshrine it in Manx law.

The Foreign Account Tax Compliance Act was signed by the Isle of Man and the United States in London in December.

It compels the Island to pass on specific information about accounts held by US taxpayers to American tax authorities.

However the Republican party has since pledged to abolish FATCA, which is sees as a violation of privacy.

Mr Teare told Tynwald FATCA is widely supported on the international scene - but mixed messages are coming through about Republican intentions:

 

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