The Manx Treasury has made a significant decision in relation to the Isle of Man's future tax policy.
From July 1, 2011 overseas customers will no longer have the option of paying a withholding tax in relation to earnings from accounts held here.
Instead the Island will move to a system of full, automatic exchange of information between its banks and tax authorities in other countries.
Treasury Minister Allan Bell says the Isle of Man's appearance on the OECD 'white list' in April was not the end of the story and, in the current climate, the move to greater transparency is vital (play audio file):
Treasury doesn't needs Tynwald's approval in relation to the change in policy, but Mr Bell says there will be a motion at next month's sitting for 'confirmation' of the decision.
Mr Bell is due to announce the change at a meeting of the OECD Forum in Paris today.
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