The Isle of Man government is to adopt tax information sharing arrangements with the United Kingdom, which will follow closely the Foreign Account Tax Compliance Act (Fatca).
Allan Bell, chief minister, says the nature of tax cooperation is changing and “automatic exchange is becoming the global standard”.
The approach will follow “as closely as practicable” the model intergovernmental agreement between the UK and the US, and will be concluded to the same timetable as the agreement between the Isle of Man and the US.
The Isle of Man already shares tax information automatically under the EU Savings Directive.
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