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Isle of Man signs comprehensive double taxation agreement with Belgium 16 July 2009 This is the second double taxation agreement that the Island has signed with a European Union member state Island remains at the forefront of tax co-operation and builds its strength as an international business centre The Isle of Man today signs a comprehensive double taxation agreement (DTA) with Belgium. This is the Island's 16th agreement which meets OECD's standards on international tax transparency and co-operation. Treasury Minister Allan Bell, who signed the agreement on behalf of the Isle of Man Government said, ‘‘Along with Estonia, this is the second double taxation agreement that the Isle of Man has signed with a European Union member state outside the UK. It shows that the Island is continuing to forge ahead in the field of tax co-operation, and further strengthens our reputation as an international business centre. This agreement represents the start of a new phase in relations between Belgium and the Isle of Man and I expect it to lead to further political, economic and cultural ties.” A DTA is the benchmark agreement between countries to remove double taxation obstacles to the development of economic relations, and so facilitates the exchange of goods and services and movements of capital, technology and people. It will also act to prevent tax evasion, and delivers the OECD agreed international standard on tax transparency and exchange of information. Minister Bell said, “The Isle of Man has always been at the forefront of tax co-operation and this signing is further evidence that we will continue to meet high standards in international tax co-operation and transparency. We have shown with the signing and ratifying of TIEAs and DTAs, and our decision to move to automatic exchange of information under the EUSD, that we are a leading International Business Centre.” The DTA signing ceremony takes place today (16 July 2009) in Brussels between Allan Bell MHK, the Isle of Man’s Treasury Minister, and Mr Didier Reynders, the Belgium Deputy Prime Minister and Minister of Finance. The full text of the news release issued today can be viewed here and the double taxation agreement is available here. More stories >>>
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