Deloitte comments on Isle of Man decision to adopt tax information sharing arrangements
7 December 2012
The Isle of Man government has confirmed it will adopt tax information sharing arrangements with the UK government similar to FATCA rules being negotiated with the United States.
Chris Tragheim, tax partner at Deloitte, said:
“This is a significant step. While other jurisdictions will consider their position, this is the first time that a FATCA-style agreement has been proposed that does not involve the US.”
The US Foreign Account Tax Compliance Act (FATCA) will require foreign (non-US) financial institutions to identify their US account holders and annually report them to the US Internal Revenue Service along with details of the accounts held and any transactions made during the year.
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