007Pimpernel Posted June 26, 2009 Share Posted June 26, 2009 At an Organisation for Economic Co-operation and Development (OECD) Forum in Paris, Mr Bell announced to applause that withholding tax for EU-residents with offshore bank accounts here will be scrapped from July 1, 2011 – and the automatic exchange of tax information introduced. What do you think are the pros and the cons for this development for the IoM economy?? Link to comment Share on other sites More sharing options...
Mutley Posted June 26, 2009 Share Posted June 26, 2009 Pro: Mr.Bell gets to look cool in front of all his OECD buddies. Con: They're all laughing at him behind his back. Pro: Erm.... Con: IOM now just the same as many other jurisdictions. No USP any more. Pro: Keeps us firmly on the "white list". We're now liked by the US, UK and others. Con: Keeps us firmly on the "white list". We're now liked by the US, UK and others. Who still haven't gotten their own house in order. Seriously though... Is AB a spy sent in by Mec Vannin to destroy the financial services here and return the island to the stone age? Link to comment Share on other sites More sharing options...
Rhumsaa Posted June 26, 2009 Share Posted June 26, 2009 The retention tax becomes so high in 2011 it's hardly worth having it so it makes sense to make this move now and get good PR Link to comment Share on other sites More sharing options...
Evil Goblin Posted June 26, 2009 Share Posted June 26, 2009 For a lot of people the 35% Withholding Tax on income earned on the money tucked away here is pretty light compared to the near 100% tax on the whole lot which would result from disclosure! Expect an exodus of assets and business for the Far East. Not, I hasten to add, that we have any viable alternative to what AB has announced. Link to comment Share on other sites More sharing options...
Rhumsaa Posted June 26, 2009 Share Posted June 26, 2009 100% tax.... so where is that? More likely expect an exposure of loopholes in trust and company formation Link to comment Share on other sites More sharing options...
Evil Goblin Posted June 26, 2009 Share Posted June 26, 2009 Rhumsaa - 40% Income Tax plus 100% penalty = 80% of original funds. Add in interest on that amount from when the tax should have been paid, add in back assessments, penalties and interest thereon which arose subsequent from the original receipt, you are as near to 100% as makes no difference. Not to mention the possibility of a criminal prosecution for tax fraud and an enforced stay in one of Her Majesty's Hotels. Link to comment Share on other sites More sharing options...
oldmanxfella Posted June 26, 2009 Share Posted June 26, 2009 The retention tax becomes so high in 2011 it's hardly worth having it so it makes sense to make this move now and get good PR Worse actually. The retention tax was always ideologically flawed - it is a secrecy tax pure and simple. Its what you pay if you don't want to disclose, and what is the main reason why you don't want to disclose? I think Allan has done the right thing as the retention tax is, in my mind, totally contrary to the whole purpose of the EUSTD. Just to add that its lovely to see a couple of muppets like Pimpernel and Bellup completely destroying any credibility the KSF action group has. You just come across as a bunch of angry whingey twats with too much time on your hands.I stopped reading the posts a long time ago as my sympathy dried up having read half of the drivel you post. Link to comment Share on other sites More sharing options...
Twitch Posted June 26, 2009 Share Posted June 26, 2009 The retention tax becomes so high in 2011 it's hardly worth having it so it makes sense to make this move now and get good PR Worse actually. The retention tax was always ideologically flawed - it is a secrecy tax pure and simple. Its what you pay if you don't want to disclose, and what is the main reason why you don't want to disclose? I think Allan has done the right thing as the retention tax is, in my mind, totally contrary to the whole purpose of the EUSTD. Just to add that its lovely to see a couple of muppets like Pimpernel and Bellup completely destroying any credibility the KSF action group has. You just come across as a bunch of angry whingey twats with too much time on your hands.I stopped reading the posts a long time ago as my sympathy dried up having read half of the drivel you post. Got to agree with you there fella. Link to comment Share on other sites More sharing options...
manx-person Posted June 27, 2009 Share Posted June 27, 2009 The retention tax becomes so high in 2011 it's hardly worth having it so it makes sense to make this move now and get good PR Worse actually. The retention tax was always ideologically flawed - it is a secrecy tax pure and simple. Its what you pay if you don't want to disclose, and what is the main reason why you don't want to disclose? I think Allan has done the right thing as the retention tax is, in my mind, totally contrary to the whole purpose of the EUSTD. Just to add that its lovely to see a couple of muppets like Pimpernel and Bellup completely destroying any credibility the KSF action group has. You just come across as a bunch of angry whingey twats with too much time on your hands.I stopped reading the posts a long time ago as my sympathy dried up having read half of the drivel you post. Got to agree with you there fella. I am sure that if you were a KSF depositor you would come over as angry. The way the IOMG, PWC & KPMG have handled the debacle is far from satisfactory. I am not a KSF depositor either, fortunately. Some of the postings are inaccurate and some emotional, but the handling of the KSFIOM situation is not something that the IOM should be proud of. Link to comment Share on other sites More sharing options...
oldmanxfella Posted June 27, 2009 Share Posted June 27, 2009 I am sure that if you were a KSF depositor you would come over as angry. The way the IOMG, PWC & KPMG have handled the debacle is far from satisfactory. I am not a KSF depositor either, fortunately. Some of the postings are inaccurate and some emotional, but the handling of the KSFIOM situation is not something that the IOM should be proud of. I used to agree with you and I certainly agree that the SOA was delivered badly and the external PR managed extremely poorly. However, these people bore me now as they are never going to be happy until they get a hand delivered letter of apology from the Chief Minister and every IOM resident and their money back plus interest and compensation plus a Manx flag to wipe their arses on. They are acting like a bunch of kids - in fact the fact that they post here at all suggests that they have no idea how to get credibility for their views or tactics. I hope they get their money back but I'm sick of this campaign against the Isle of Man and the Manx people. I didn't nick their money and I had nothing to do with the collapse of the bank so take your anger out with the people who created this mess don't just start posting inflamatory old bollocks here about what the Isle of Man is or is not. Link to comment Share on other sites More sharing options...
Cronky Posted June 27, 2009 Share Posted June 27, 2009 We're now liked by the US, UK and others. And probably still liked by African tin pot dictators! Link to comment Share on other sites More sharing options...
manx-person Posted June 27, 2009 Share Posted June 27, 2009 I am sure that if you were a KSF depositor you would come over as angry. The way the IOMG, PWC & KPMG have handled the debacle is far from satisfactory. I am not a KSF depositor either, fortunately. Some of the postings are inaccurate and some emotional, but the handling of the KSFIOM situation is not something that the IOM should be proud of. I used to agree with you and I certainly agree that the SOA was delivered badly and the external PR managed extremely poorly. However, these people bore me now as they are never going to be happy until they get a hand delivered letter of apology from the Chief Minister and every IOM resident and their money back plus interest and compensation plus a Manx flag to wipe their arses on. They are acting like a bunch of kids - in fact the fact that they post here at all suggests that they have no idea how to get credibility for their views or tactics. I hope they get their money back but I'm sick of this campaign against the Isle of Man and the Manx people. I didn't nick their money and I had nothing to do with the collapse of the bank so take your anger out with the people who created this mess don't just start posting inflamatory old bollocks here about what the Isle of Man is or is not. I think they would in fact be happy with their money back, that has not happened and the 'efforts' of the IOMG have only put time between them any their money. I dont know what you mean in respect of "".. take your anger out with the people who created this mess don't just start posting inflamatory old bollocks here.." I have hardly posted here at all! so making these allegations of me just again indicates the rash and immotive comments generated on this subject on this foum. I don't know why a reasonable debate cant be conducted without recourse to expletives. Link to comment Share on other sites More sharing options...
oldmanxfella Posted June 27, 2009 Share Posted June 27, 2009 I don't know why a reasonable debate cant be conducted without recourse to expletives. I think that maybe you should read these boards more if you expect "serious debate". Equally I seriously doubt that unless you are a 106 years old "bollocks" counts as an expletive. Please feel free to roam the real expletives contained in threads here - it'll probably turn your hair white and you can tut and shake your head to your hearts content. Link to comment Share on other sites More sharing options...
Declan Posted June 27, 2009 Share Posted June 27, 2009 On a severity scale it is rated between Prick and Arsehole Link to comment Share on other sites More sharing options...
thesultanofsheight Posted June 28, 2009 Share Posted June 28, 2009 On a severity scale it is rated between Prick and Arsehole But wouldn't you naturally expect to find bollocks somewhere between a prick and an arsehole? Link to comment Share on other sites More sharing options...
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