Isle of Man to Provide Tax Details to US | AccountingWEB

Isle of Man to Provide Tax Details to US

The Isle of Man has signed a bilateral agreement with the United States to exchange information on tax matters between the two countries.

The move follows similar agreements between the US and the Channel Islands in September. The US government is continuing in its efforts to target offshore banking and corporate secrecy to locate terrorist funds following the September 11 incident a year ago.

The provisions of the Isle of Man agreement will take effect:

  • January 1, 2004, with respect to criminal tax matters relating to taxable periods beginning on or after January 1, 2004; and
  • January 1, 2006 with respect to all other tax matters relating to taxable periods beginning on or after January 1, 2006.

Isle of Man's Treasury Minister, Allan Bell, said of the new agreement with the US:

"Today co-operation between Governments is more important than ever as we work to ensure that no safe haven exists - either onshore or offshore - for funds associated with activities such as money laundering, terrorist financing or tax evasion."

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