Isle of Man Signs Tax Co-operation Agreements with Singapore and Turkey

The Isle of Man has today signed a Double Taxation Agreement (DTA) with Singapore and a Tax Information Exchange Agreement (TIEA) with Turkey.

These two new agreements mean that the Isle of Man has now signed 6 DTAs (Estonia, Belgium, Malta, Bahrain, Qatar and now Singapore) and expands on the Island's network of international tax co-operation agreements. 26 TIEAs that meet the OECD international standard on tax co-operation and transparency have also been entered into including the UK, France, Germany, the Netherlands, Denmark, Sweden, Belgium, Finland, Ireland, Estonia, Norway, Iceland, Slovenia, the Czech Republic and Poland.  Other TIEAs have been entered into with the US, China, India, Japan, Australia, New Zealand, Mexico, Indonesia, Greenland and the Faroe Islands.

A DTA is the standard agreement between countries to remove double taxation obstacles to the development of economic relations, and in doing so facilitate the exchange of goods and services and movements of capital, technology and people. A TIEA also acts to prevent tax evasion, and implements the OECD agreed international standard on tax transparency and exchange of information. This approach has been endorsed in the OECD report "Tax Transparency 2011: Report on Progress" which was delivered to the G20 Cannes Summit meeting on 4 November 2011. The report stated that the Isle of Man was one of only eight reviewed jurisdictions found to have all elements of effective information exchange in place, the others being Australia, France, India, Ireland, Italy, Japan and Norway).

21st September 2012