Customers with Isle of Man (IOM) bank accounts will no longer be able to withhold their tax details from the powers that be after the island today agreed to the automatic exchange of information within the EU.
The Isle of Man Government has announced that, from 1 July 2011, the IOM's tax authorities, or those in an individual's member state, will be given access to that person's bank account. Previously, account holders could withhold those details by refusing to take an exchange of agreement option. The move, part of the IOM's application of the European Union Savings Directive (EUSD), represents the first time an offshore jurisdiction has agreed to allow free exchange between countries. Speaking at the annual Organisation for Economic Co-operation and Development (OECD) forum in Paris, IO...
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