Yesterday, Treasury Secretary Paul O’Neill signed a new agreement with the Isle of Man that will allow for exchange of information on tax matters between the United States and the Isle of Man.
The agreement was signed by Treasury Secretary Paul O’Neill and the Honorable Allan Bell, Minister for the Treasury of the Isle of Man.
Said Mr. O’Neill, *”The United States and the Isle of Man already have a close and cooperative relationship on law enforcement matters. Today, cooperation between governments is more important than ever before. We greatly value the cooperation of the Isle of Man, particularly now as we work to ensure that no safe haven exists anywhere in the world for the funds associated with illicit activities, including terrorism, money laundering, and tax evasion.”*
The Treasury Secretary said that failure to enforce the tax laws of the United States would undermine the confidence of honest taxpayers in the fairness of its tax system. He described access to needed information as vital to the efforts to ensure enforcement of U.S. laws.
Mr. Bell also referenced the necessity for cooperation, and added *”The Isle of Man believes that the expansion of the global economy depends on both onshore and offshore international financial centres combining highly competitive entrepreneurial environments for business with a quality of regulation and stability.”*
According to a release from the U.S. Treasury, the new tax information exchange agreement with the Isle of Man is viewed as an important development, further demonstrating the commitment of the Isle of Man to cooperate with the United States on law enforcement matters and to upholding international standards in this area.
Mr. O’Neill said it also demonstrates the commitment by the U.S. to secure the cooperation of its neighbors around the world. *”We will continue to work vigorously to improve our tax information exchange relationships, and I look forward to gathering here again in the coming weeks to announce additional agreements with other countries,”* he concluded.
Last month, on September 19, Guernsey signed an information exchange with the United States.