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Chief promises more on tax transparency

Offshore scrutiny grows

The Chief Minister says a register of beneficial ownership is only the first step towards improving the Island's tax reputation.

Last week Allan Bell signed an agreement with UK Treasury Financial Secretary David Gauke in London.

The deal means the Manx government must establish a centralised database of companies owned here, and disclose information to international authorities on request.

It comes as five European nations, including the UK, agreed to crack down on tax avoidance following the Panama Papers leak.

Mr Bell says pressure is mounting on the Island:

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