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Update on Tax Co-operation Agreements with Nordic Countries 13 June 2008

On 30 October 2007, the Isle of Man concluded taxation and economic co-operation agreements with the seven members of the Nordic Council – Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden.

The Isle of Man parliament, Tynwald, ratified all of the agreements on 12 March 2008, and the Chief Minister, Tony Brown MHK, informed each of the Nordic Council countries that ratification had taken place.

As Greenland had already completed its own internal ratification procedures, under the provisions set out in them, the agreements between the Isle of Man and Greenland entered into force on 11 April 2008.

The Isle of Man has now received notification that Finland has completed its internal ratification procedures, and as a result, under the provisions set out in them, the agreements between the Isle of Man and Finland will enter into force tomorrow, 14 June 2008.

The Government of the Isle of Man understands that the remaining Nordic Council countries are carrying out their ratification procedures, and looks forward to receiving ratification notifications from them in due course.

The texts of each agreement can be viewed here.

Malcolm Couch

Assessor of Income Tax

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