Banks are welcoming changes to tax policy announced by the Treasury yesterday.
At a meeting of the OECD, Treasury Minister Alan Bell announced the end of the withholding tax paid by residents of EC countries on their earnings from Isle of Man accounts.
President of the Isle of Man Banker's Association Mike Hennessey says it's a move which shows the Island is taking the initiative in the offshore market.
He says association members are backing the changes:
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