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Compliance with International Standards on Transparency (The Experience of Isle of Man )

Learn about how Isle of Man is complying with international transparency standards through exchange of information, tax systems, and challenges faced. Updates on reviews, BEPS implementation, and key challenges.

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Compliance with International Standards on Transparency (The Experience of Isle of Man )

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  1. Compliance with International Standards on Transparency (The Experience of Isle of Man) November 2016

  2. Isle of Man • Location: Irish sea between UK and Ireland • Head of State: Queen Elizabeth II • Status: An internally self-governing dependent territory of the Crown which is not part of the United Kingdom • Currency: Manx pounds and pence (equivalent to GB pounds) • Languages: English and Manx Gaelic

  3. Tax System • 20% top rate of income tax for individuals • 20% value added tax • 0% standard rate of income tax for companies but 10% & 20% rates for certain businesses • No capital gains, inheritance or wealth taxes • National insurance contributions

  4. Standards • Exchange on RequestGlobal Forum review 2010 and 2017 • Automatic Exchange of InformationEU first exchange 2005FATCA first exchange 2015UK CDOT first exchange 2016CRS first exchange 2017 • BEPS Associate

  5. OECD Ratings September 2016

  6. Global Forum Review • 2017 reviewNew round of reviews commencing 2016The Terms of Reference and Methodology have moved onwww.oecd.org/tax/transparency/exchange-of-information-on-request

  7. Key Challenges • Understanding the standard • Input needed from across government • Timing • PRG memberProviding Assessors • Working group established - reports to Ministers • Work started June 2016!

  8. Preparation Aims • Any potential gaps we can close/predict questions • Manage expectations • Maximise the time available to produce a clear and complete response to the questionnaire

  9. AEOI • 2005 EU first exchange • 2015 FATCA first exchange • 2016 UK CDOT first exchange • 2017 CRS first exchange

  10. Key Challenges • Understanding the standard/differing standards • Resources • IT • Early engagement with private sector Better and quicker guidance needed • AEOI Group and collaborating with other jurisdictions • ???

  11. CRS Progress to date

  12. BEPS • Associate from July 2016 • Implementing minimum standards • Signed Country by Country Reporting MCAA October 2016 • Multilateral Instrument member of the Ad Hoc Group

  13. Challenges • Catching up - Joined as implementation phase commenced • Huge volume of meetings and potential Peer Review processes • Accelerating pace of change

  14. Questions? Nicola Guffogg Head of the Income Tax Division Nicola.Guffogg@gov.im

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