Treasury ratifies OECD’s tax avoidance treaty

The Treasury says the Isle of Man has become one of the first countries to sign a new international treaty against tax avoidance.

The Island joins Austria in agreeing to the OECD’s Multilateral Convention to Implement Tax Treasury Related Measures to Prevent Base Erosion and Profit Shifting.

The agreement aims to stop gaps and mismatches in different nation’s tax rules from being exploited for tax avoidance.

The Treasury insists the Island takes its international responsibilities seriously, and that it isn’t a jurisdiction the welcomes those seeking to evade tax.