The European Council of Finance Ministers (ECOFIN) have formally confirmed Jersey, Guernsey and the Isle of Man’s position as a cooperative jurisdiction for tax purposes following an extended period of screening.

In December 2017 the Isle of Man was placed in annex II by the EU Code of Conduct Group as there were concerns that the Island did not have legal substance requirements for entities doing business in or through the jurisdiction.

In response the Isle of Man proactively engaged with the group and worked closely with fellow Crown Dependencies Jersey and Guernsey to develop proposals to address the concerns raise...