Isle of Man completes automatic EU exchange of information

Essentially, this Directive counters cross-border tax evasion via the collection and exchange of information about bank interest earned by people outside their state of residence. Manx regulators say this move is a further and important expression in the Island’s determination to be “at the forefront of those countries complying with accepted international benchmarks of best practice in transparency and regulation.” To recap on the Directive, the move to automatic exchange of information means the Isle of Man has removed the transitional withholding tax option allowed by the Directiv...