When approached by the Manx Herald, Minister Cretney said he had nothing more to add to the statement and any further comment would have to wait the return of the Chief Minister next week.

In the absence of the Chief Minister, Tony Brown, the Chief Secretary’s Office has issued a terse response to the recent letter sent by UK Premier, Gordon Brown, to the crown dependencies and overseas territories, pointedly telling them they still need to be more transparent when it comes to tax matters.

The official Manx response says the Council of Ministers (COMIN) “welcomed a letter from UK Prime Minister Gordon Brown recognising the Island’s compliance with international standards on taxation.”

The statement goes on to note how the UK has also recognised the progress made by the IOM, and the other crown dependencies, and encourages them “to continue to set the pace” in relation to signing bilateral tax agreements.

Department of Trade & Industry Minister, David Cretney, deputizing for the Chief Minister, is quoted as saying: “The UK Prime Minister has acknowledged that the Isle of Man has taken a leading role in complying with international standards on taxation.

Mr Brown’s emphasis on the importance of international standards on tax is very much in line with the policy of the Isle of Man Government over the past decade. Compliance with global standards of tax transparency and financial regulation has been, and will continue to be, fundamental to our approach.”

When approached by the Manx Herald, Minister Cretney said he had nothing more to add to the statement and any further comment would have to wait the return of the Chief Minister next week.

In another press release issued yesterday (Tue 14^th April) – no doubt timed to conveniently coincide with the aforementioned release – COMIN also welcomed the inclusion of the IOM on the OECD ‘white list’ of countries meeting the “global standard for tax co-operation and exchange of information”.

The release points out that the IOM is now in the same league as the UK, USA and Germany etc; although, as the Manx Herald has previously stated, doesn’t necessarily make them ‘equals’.

Incidentally, the release goes on to mention four countries are included on a ‘black list’; but the Manx Herald understands the OECD has already received communication from these jurisdictions to say they will co-operate and have been removed from the list.

Chief Minister, Tony Brown is quoted as saying: ‘The OECD white list provides recognition at the highest level of the Isle of Man’s place in the mainstream of economies that comply with the global standard on tax. This is a defining moment for us, confirming our position amongst the most responsible and co-operative countries of the world.’

And Treasury Minister, Allan Bell says, among other things: “The OECD lists are a significant step forward in the debate about tax, as countries are now being judged and separated on the basis of agreed international criteria – not just size. The Isle of Man has always supported an objective, global approach to this issue and the G20 summit has confirmed this as the way forward.

Inclusion on the white list represents a major endorsement of the Isle of Man and of our long-term strategy of positive engagement with the OECD. This can only reinforce the Island’s reputation and confidence in our future as an international business centre of quality.

The Island also has a strong track record of complying with international standards of financial regulation, as assessed by the IMF and others. A series of independent, external reviews over the past decade have enhanced our reputation as a well regulated centre for international finance.”

However, the Chief Minister has recognised this is not the end of the process, which the letter from Gordon Brown has probably uncomfortably reminded him, and says the IOM will continue to work with the OECD, and others, to promote “international standards on tax and financial regulation.”

So as the Manx Herald has said previously, even though the IOM is on a ‘white list’, the OECD, UK and others will continue to be ‘on the case’; and will expect a lot more ‘cooperation and transparency’ from the IOM before they are truly satisfied.