Jersey Knows What Its Passed Over How Come The Iom Is Quiet?

[manxchatterbox]

Here in a letter today in the FT Bill Ogley, Chief Executive, Chief Minister's Department, States of Jersey confirms that Jersey has paid over £10million as a result of collecting with-holding tax on deposits - how much has the IOM paid over and what has it retained??? why is the IOM Treasury Minister quiet on the matter ??? and why haven't the IOM press done anything about reporting the figures already disclosed in other jurisdictions???

 

 

link:- http://www.ft.com/cms/s/feaa2ba6-1079-11db...00779e2340.html

[LoneWolf]

Here in a letter today in the FT Bill Ogley, Chief Executive, Chief Minister's Department, States of Jersey confirms that Jersey has paid over £10million as a result of collecting with-holding tax on deposits - how much has the IOM paid over and what has it retained??? why is the IOM Treasury Minister quiet on the matter ??? and why haven't the IOM press done anything about reporting the figures already disclosed in other jurisdictions???

link:- http://www.ft.com/cms/s/feaa2ba6-1079-11db...00779e2340.html

 

Could you remind us how it should work mcb? What is the IOM position on witholding tax?

[Rhumsaa]

with holding tax is money that is paid to the proper tax authorities straight from the clients just without personal details

 

it's not the Isle of Man's money.... we're just delivering it

 

what the fuck difference does it make what gets paid? nothing to do with anyone but the tax authorities really as it proves absolutely nothing

[manxchatterbox]

the collecting authority gets to keep a big percentage of what they collect 25% and they pass on 75% to the respect receipient authority

 

so potentially not insignificant sums and a potentially lucrative source of income for IOM Government...

 

 

http://www.lowtax.net/specials/std.html#impact

[Rhumsaa]

it's exactly the same for every country in europe that's in the EUSTD

[Celt]

What's TAX

[manxchatterbox]

better a tax bill than no tax bill.....

[Rhumsaa]

and that means what exactly?

 

seriously are you on drugs?

[manxchatterbox]

if you don't pay tax then youve not earned enough so your on handouts and heading to the Sally Army....

[Rhumsaa]

or you're a student.... or you're too ill to work

 

nice attitude.... you pick that up the same time you picked up that huge chip on your shoulder and the imbecile brain transplant?

[LoneWolf]

it's exactly the same for every country in europe that's in the EUSTD

 

I think there may be rather serious implications for places such as Jersey and the IOM both of which make their beer money from pursuing an alternative tax strategy to the large EU countries.

I know, if I had large amounts of money, I wouldnt want to be paying witholding tax in the IOM if I could move it elsewhere to a place which hasnt put a witholding tax in place.

Just a thought.

[Gladys]

Can anyone remember exactly what the alternative to levying a W/H tax was, I think it was disclosure and confidentiality was seen as the USP for most accounts here (which, bearing in mind the KYC measures, isn't as dodgy as it first seems). I went to a seminar when the EU savings directive measure was introduced and, I have to say, the stance taken by the Treasury appeared to be pretty switched on. But we'll see.

 

Anyway, back to thread, it does seem a little ill-advised for Jersey to be proclaiming what it has collected in W/H tax; could be a Ratner moment!

[Beckett]

it's exactly the same for every country in europe that's in the EUSTD

 

I think there may be rather serious implications for places such as Jersey and the IOM both of which make their beer money from pursuing an alternative tax strategy to the large EU countries.

I know, if I had large amounts of money, I wouldnt want to be paying witholding tax in the IOM if I could move it elsewhere to a place which hasnt put a witholding tax in place.

Just a thought.

 

Yeah, but security, accountability and regulation come into it, not to mention credit ratings. That banana republic over there might offer some nice no questions asked services, but would you really want to put your money there!

 

As mentioned above, the Treasury gets a significant cut of all tax collected before passing it on to the relevant tax authorities around the EU.

[hboy]

Here in a letter today in the FT Bill Ogley, Chief Executive, Chief Minister's Department, States of Jersey confirms that Jersey has paid over £10million as a result of collecting with-holding tax on deposits - how much has the IOM paid over and what has it retained??? why is the IOM Treasury Minister quiet on the matter ??? and why haven't the IOM press done anything about reporting the figures already disclosed in other jurisdictions???

 

 

link:- http://www.ft.com/cms/s/feaa2ba6-1079-11db...00779e2340.html

 

Clearly you don't read the FT every day.

 

The actual collection figures for most of the parties to the EUSTD where quoted in a full FT article earlier this week. For instance Switzerland collected 69m Euro's of which it kept around 50m Euro's so if you had bothered keeping up to date you would have answered your own question.

 

(As usual).

 

The article went on to say that the EU were pissed off because it was expecting much more dosh from the exercise than its got.

[manxchatterbox]

clearly Hboy didn't give due attention to the article that was in the 6th July FT 'cos although it did indeed give figures for other jurisdictions it didn't give a figure for the IOM - it being noticable by its absence...so I repeat....how come figures have not been made available in respect of what the IOM has collected???

 

article :-

 

Loopholes undermine EU offshore tax law

By Haig Simonian in Zurich and George Parker in Brussels

 

Published: July 6 2006 03:00 | Last updated: July 6 2006 03:00

 

Europe's 14-year struggle to tax its citizens' offshore savings has flopped, after investors in countries such as Switzerland and Luxembourg exploited loopholes in a controversial savings law.

 

In the first six months of the law's operation, Switzerland - the world's leading offshore financial centre - raised only €100m ($128m, £69m) in withholding taxes on the vast savings held there by EU citizens. Others also quickly spotted the gaps in the new EU savings directive; Luxembourg collected just €48m in the second half of 2005, Jersey €13m, Belgium €9.7m, Guernsey €4.5m and Liechtenstein €2.5m.