Isle of Man approves law to avoid EU blacklist

Pedro Gonçalves
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Isle of Man approves law to avoid EU blacklist

The Isle of Man's parliament has approved tax legislation that will allow the jurisdiction to avoid being put on the European Union's blacklist. Tynwald gave the green light this week to the Income Tax (Substance Requirements) Order 2018. This means that from January 2019, companies engaging in "relevant activities" will have to demonstrate that they meet specific substance requirements, to avoid sanctions. Its focus will be on business sectors identified by the EU including banking, in...

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