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Offshores to 'avoid complacency' in Trump era

CM restates commitment to tax transparency

US President Donald Trump's elevation to the Oval Office won't dampen the Isle of Man's commitment to compliance with FATCA.

That's the commitment made by Chief Minister Howard Quayle - who says although Mr Trump made clear his use of offshore jurisdictions, there is no scope for complacency in the drive to establish tax transparency.

Throughout the US election campaign, the Republican made no apology for refusing to disclose his federal tax payments - saying "that makes me smart".

When Barack Obama was president, he insisted tax avoidance was a substantial global problem - made worse by legal offshore structures.

Mr Quayle says he firmly believes first-rate regulatory compliance and adherence to information-exchange agreements will set the Island above vilification.

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