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Tax decision receives plaudits

The Isle of Man's decision to embrace greater tax transparency has won approval from the UK Labour government.

From 2011, the Island will automatically exchange tax information on overseas customers with other tax authorities in Europe.

That shift in policy, announced by Treasury Minister Allan Bell today (Wednesday), has been greeted by the Ministry of Justice as a 'clear indication' of the Island's 'commitment to high standards of regulation'.

Justice Minister Lord Bach says the Island now leads the way in showing how small jurisdictions offering financial services should operate.

And it's been described as a bold and positive move by a senior figure at the Institute of Chartered Accountants.

Speaking on a visit to the Island today, Chief Executive Michael Izza says it will only enhance the Island's reputation abroad.

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