Combating an 'aggressive' international agenda towards tax havens will be the Isle of Man's 'top priority' as it strives to be excluded from various tax black-lists.
The island has admitted its relationship with the UK has been put 'under considerable pressure' by the banking crisis and refutes its 'tax haven' label.
Unveiling the Isle of Man Budget, treasury minister Alan Bell says it is becoming increasingly important the island takes a 'leading and visible stance' in international matters, especially tax, as the wave of anti-tax haven comments has escalated in the past year.
He believes legislation will be swiftly introduced in the US, while the G20 has a black-list of tax havens drawn up and plans to take action.
"The Isle of Man is not a tax haven, and I am determined that we should not appear on any new black-list drawn up by the OECD or any other organisation," says Bell.
"Responding to the new and more aggressive international agenda towards small states will be a major challenge in the time ahead, and will have to be a top priority for the Isle of Man for many years to come," he says.
Despite improved risk appetite
FOS award limit increase
Relates to 136 million transaction reports
Ceremony will take place 13 November