Newly appointed Isle of Man chief financial officer Malcolm Couch was among the guest speakers at the high-level conference, held at the Claremont Hotel, Douglas, last Tuesday.
An audience representing a cross section of island businesses heard a series of presentations covering a range of topical issues, reflecting the rapid changes in the tax landscape and variety of new rules, draft agreements and policy discussions which have emerged in recent months.
Kevin Cowley, PwC tax partner in the Isle of Man, chaired the event, providing insight and commentary on all areas.
He was joined by George Sharpe, Phil Morris and Ben Holloway from the local PwC tax team, who offered their views on a wide range of important tax matters, including the latest guidance on inter-governmental agreements with the UK and USA and their impact on the island, changes to the VAT rules on electronic supplies and remote gaming duties and changes in direct taxation affecting private clients and trusts.
Mr Couch, former assessor of income tax, outlined what he feels are the key financial challenges facing the Isle of Man in the days and months ahead.
Fellow guest speaker Jon Preshaw, a member of PwC UK’s tax dispute resolution practice and former HMRC inspector of taxes, offered insights into how HMRC are viewing the Manx Disclosure Facility and his practical experience of dealing with disclosures under the MDF and the LDF.
Mr Cowley said: ‘Tax is big news at the moment and the pace at which international and local rules are changing is tremendous.
‘It’s difficult to remain up to date and, for our clients, understand the impact of changes on their own affairs or their businesses.
‘This conference is a chance for all those affected by the rapid changes in the tax landscape to be brought up to speed with the latest developments and how they will impact.
‘The contributions of George, Phil and Ben from the local PwC tax team brought a great deal of clarity to a number of areas.
‘Meanwhile, the knowledge and experience brought to the conference by Malcolm and Jon proved extremely enlightening and informative for the whole audience.
‘I would like to thank all those who gave presentations, as well as everyone who attended our 2013 Isle of Man annual tax conference.’