A leading legal practitioner in the Island has described as 'fantastic' the news the Isle of Man could escape being placed on the expected G20 tax havens blacklist.
The Financial Times suggested the Island was off the list, helped by the 13 tax exchange agreements it has signed with other nations, including the United States.
However, while welcoming the positive predictions, Jonathan Smalley says there is still work to be done.
He told Manx Radio:
"The proof of the pudding is in the eating.
"The fewer people that refer to us as being terrible the better but, at the end of the day, what we need to do from offshore centres is to make our case more forcibly that we represent good tax competition and, as far as the UK is concerned, we represent fantastic aggregators of capital from around the world, which we send back to the City of London to be managed.
"And that is not something that they should treat lightly."
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