The Isle of Man was dropped from Italy’s tax blacklist regarding deductibility of costs as of April 1, the Isle of Man government announced on April 17.
The change was made on account of a new Italian law which provides that jurisdictions that have exchange of information arrangements with Italy are no longer included on the list, the Isle of Man government said.
“The Isle of Man welcomes the Italian Republic’s recognition of the Island’s longstanding commitment to transparency and exchange of information for tax purposes,” Isle of Man Treasury Minister Eddie Teare said. He noted that the Republic of Colombia removed the Isle of Man from its blacklist in 2014.
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