Tax Information Exchange Agreements concluded by the Isle of Man, Jersey and Guernsey have been commended by the OECD in a release dated March 30. The three jurisdictions now hold exchange of information agreements with many of their major economic partners.
As the United States government readies a new assault on offshore financial centres and their users, the US Internal Revenue Service is promising to be more lenient with holders of offshore banks accounts who decide to make a voluntary disclosure to the tax man before the IRS comes looking.
The Revenue Commissioners have announced that an investigation into the tax treatment of property, assets and funds settled by persons on foreign and Irish trusts and similar structures will commence on September 1.