NEWS FROM THE CELTIC LEAGUE
The Chief Financial Officer of the Treasury has responded to a query from the Celtic League sent to Treasury Minister, Eddie Teare, MHK, about recent allegations about the IOM financial industry broadcast by the Canadian Broadcasting Corporation.
A link to out query to Mr Teare is set out below;
The text of the response from CFO Sheila Lowe is set out below;
“15th September 2015
Dear Mr Moffatt,
Re: Canadian News Media allegations.
Thank you for your letter dated 14 September 2015 concerning several news reports by the Canadian Broadcasting Corporation and also a report in the Canadian newspaper the ‘TIMES COLONIST’. Unfortunately Minister Teare is presently on leave and I will respond in his absence.
I can confirm that I was aware of the matters set out in the news reports hyperlinked within your letter.
The Isle of Man Government takes its role in preventing and detecting financial crime extremely seriously.
As you rightly point out the Island is committed to the implementation of international standards on transparency and exchange of information for tax purposes. In 2013 the Isle of Man was rated by the OECD Global Forum as one of only 18 jurisdictions, from 50 rated, to achieve the highest rating of ‘compliant’ with the standard. An update this year by the OECD confirmed the Isle of Man remains in the top group, ranked as one of only 21 jurisdictions, out of 81, to be ‘compliant’ with the standard.
The Isle of Man has a network of tax co-operation agreements with countries around the world, through which we provide information to assist overseas authorities with their investigations into alleged tax offences.
One of these agreements is with Canada.
A Tax Information Exchange Agreement (T1EA) between Canada and the Isle of Man has been in place for some time. This agreement provides for assistance through the exchange of information relating to taxes covered by the TIEA.
Because of the nature of TIEAs, any assistance given under one is subject to strict confidentiality rules, required by and applying to all parties to the agreement.
So while I cannot comment on allegations made in a specific case I can assure you that Treasury, and the Isle of Man, does deal with such matters in an appropriate and responsible manner.
Sheila N L Lowe
Chief Financial Officer”
The Celtic League is grateful to the Treasury Minister and his staff for the prompt reply.
Issued by: The Celtic News
THE CELTIC LEAGUE INFORMATION SERVICE
The Celtic League established in 1961 has branches in the six Celtic Countries. It promotes cooperation between the countries and campaigns on a range of political, cultural and environmental matters. It highlights human rights abuse, military activity and socio-economic issues