Non compliance of the code of conduct on business taxation :

Last Friday the Isle of Man confirmed that its tax system, which it claimed complied with the requirements of the EU Code of Conduct for Business Taxation, has failed to secure the approval of the European Commission. As the Isle of Man press release on the issue said:

The EU Code Group met on 16 October 2007, and considered the DPC. It considered the DPC only and not the Isle of Man’s ‘0/10′ taxation system for companies which conforms to the principles of the Code of Conduct. The DPC, however, was found by the EU Code Group not to conform to the principles of the Code of Conduct.

Read official press release

Read Richard Murphy's analysis