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Compliance with International Standards on Transparency (The Experience of Isle of Man ). November 2016. Isle of Man. Location: Irish sea between UK and Ireland Head of State: Queen Elizabeth II
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Compliance with International Standards on Transparency (The Experience of Isle of Man) November 2016
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
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
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
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
Key Challenges • Understanding the standard • Input needed from across government • Timing • PRG memberProviding Assessors • Working group established - reports to Ministers • Work started June 2016!
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
AEOI • 2005 EU first exchange • 2015 FATCA first exchange • 2016 UK CDOT first exchange • 2017 CRS first exchange
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 • ???
BEPS • Associate from July 2016 • Implementing minimum standards • Signed Country by Country Reporting MCAA October 2016 • Multilateral Instrument member of the Ad Hoc Group
Challenges • Catching up - Joined as implementation phase commenced • Huge volume of meetings and potential Peer Review processes • Accelerating pace of change
Questions? Nicola Guffogg Head of the Income Tax Division Nicola.Guffogg@gov.im