Isle of Man in Danger of Being Added to the EC Blacklist

By in

The Isle of Man’s Chief Minister has told the Manx Parliament’s Economic Policy Review Committee about how the island ‘faces a very real danger of being put on the European Commission’s blacklist of non-cooperative jurisdictions’.

Unfortunately, the island has until the end of the fiscal year to rectify the EU Code of Conduct’s criticisms of its tax regime, specifically ‘facilitating offshore vehicles which attract profits without any real economic activity’. The Chief Minister is seeking further clarification from the Code of Conduct Group to understand how it can address this ‘legal substance’ requirement, as there are no international model requirements to work from.