|
Tax Co-operation Agreements with Ireland Come into Force 19 January 2009 On 24 April 2008, the Isle of Man concluded taxation and economic co-operation agreements with Ireland. The Isle of Man ratified the agreements on 17 June 2008, and the Chief Minister, Tony Brown MHK, informed the government of Ireland that ratification had taken place. The Irish Minister for Finance, Brian Lenihan TD, has now confirmed that Ireland has completed its own ratification procedures, and as a consequence the agreements entered into force on 31 December 2008. The two agreements are: • a tax information exchange agreement; and • an agreement for affording relief from double taxation with respect to certain income of individuals and establishing a mutual agreement procedure in connection with the adjustment of profits of associated enterprises. The negotiation, signing and ratification of tax co-operation agreements demonstrates the Isle of Man’s commitment to international standards and the global effort to establish a global system based on co-operation between countries, transparency and effective exchange of information in tax matters; all of which strengthen financial stability. As further recognition of the Island’s efforts, Jeffrey Owens, Director of the OECD Centre for Tax Policy & Administration, was reported on 28 November 2008 as saying that the Isle of Man was fully compliant with OECD transparency standards. The texts of each agreement can be viewed here. Malcolm Couch Assessor of Income Tax More stories >>>
|
