Industry Welcomes G20 Recognition

Recognition by G20 leaders that the Isle of Man is an international finance centre committed to international standards of best practice has been widely welcomed across the industry.

The Isle of Man's achievement of a place on the OECD's list of jurisdictions substantially implementing its internationally agreed tax standard has resulted in a marked upsurge in confidence.

David McGarry, who heads the Isle of Man operation of accountants KPMG, said the fund industry's trust in the Island as a progressive and forward looking jurisdiction, committed to positive engagement with its major trading partners, had been 'well rewarded'.

As a leading member of the Fund Managers Association, Mr McGarry was a prime mover in promoting the Island's innovative new funds regime that has resulted in a major boost for the industry.