From July 2011, individuals who hold accounts in the Isle of Man will have to impart all tax information now that the jurisdiction has made an application to implement policies under the European Union Savings Directive. Currently, foreign resident individuals who possess Isle of Man bank accounts can withhold information regarding their savings income, but the directive will mean that exchanging information about tax issues is by virtue of the policy. The EU Savings Directive agreed in 2003 is aimed at countering tax evasion by ensuring that individuals pay the right amount of tax on cross boarder savings income. Isle of Man Treasury minister Alan Bell said at the Organisation for Economic Co-operation and Development meeting in Paris yesterday: 'The Isle of Man has led the way for a number of years now in how small countries with financial services centres should operate in the globalised economy'. He added: 'We have consistently shown that we understand at a strategic level what actions we need to take and what changes we need to make in order to maintain our position as a centre of choice for high-quality business and investment'. The Isle of Man has shown its support for international standards in the fight against global tax evasion and avoidance with its OECD 'white list' status, but Bell highlights that co-operation on exchanging tax information is an 'on-going process' and that the jurisdiction is still to complete further tax agreements.