ISLE OF MAN, JERSEY AND GUERNSEY REMOVED FROM ECOFIN LIST OF NON-COOPERATIVE JURISDICTIONS FOR TAX PURPOSES

On 12^th March, a news release from the Isle of Man reported that the Isle of Man has been removed from Annex II of the Economic and Financial Affairs Council’s (ECOFIN) non-cooperative jurisdictions for tax purposes.  In December 2017, the Isle of Man was placed in Annex II by the EU Code of Conduct Group as there were concerns that the Island did not have legal substance requirements for entities doing business in or through the jurisdiction – the so-called “economic substance” requirements.

Matching news releases from Jersey and Guernsey confirmed that they too had been removed from Annex II.

https://www.gov.im/news/2019/mar/12/isle-of-man-recognised-for-international-tax-standards/

https://www.gov.gg/ecofindecision

https://www.gov.je/News/2019/Pages/JerseyCooperativeFinancialJurisdiction.aspx

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017