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Signing of FATCA agreement hits the headlines

The signing of a tax exchange agreement between the Isle of Man and the UK has made headlines in a lot of the UK media.

The deal, agreed by the Island just before Christmas, has been described by the Treasury Minister as "one big step for Mann"

The agreement, known as FATCA or the Foreign Account Tax Compliance Act, provides a free flow of information between the two jurisdictions to clamp down on people holding overseas accounts to avoid tax.

BBC business news headlines the story under the banner "Tax deal targets offshore evaders in the Isle of Man",. while the Financial Times says "Clock ticks on Isle of Man tax haven"

The Island agreed to the deal following similar deals with the United States, though the Channel Islands are yet to agree to such a move.

Speaking on Mandate this morning, Greg Jones from KPMG says be believes the main impact of the move will be on the Corporate Service Provider Market.

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