Isle of Man 'must get ready' for further taxation changes

Date: 29th September 2009

The Isle of Man's Treasury minister has warned local businesses to brace themselves for further changes to taxation rules.

Allan Bell has issued a fresh warning to Isle of Man businesses, which are likely to be on the receiving end of ongoing calls for greater financial transparency.

He added that, even if the British government changes over the coming months, the crown dependency may still face strong pressure to carry on with a review of its taxation policies.

Governments across the world, including those of the UK and the United States, have recently pledged to clamp down on 'tax-havens'.

"The UK faces extremely serious problems with its public finances and a change in government doesn't necessarily mean a change in approach," Mr Bell told the Isle of Man Today.

He added, however: "The Isle of Man has been extremely successful over the last decade in steering a course to protect us from the worst of international criticism. It is vitally important as a result that we don't get complacent."

These comments come ahead of the publication of Michael Foot's report into the UK's offshore financial centres, including the Cayman Islands and Bermuda.