24 October 2009
THE ISLE OF MAN SIGNS A DOUBLE TAXATION AGREEMENT WITH MALTA The Isle of Man has signed a comprehensive double taxation agreement (DTA) with Malta. This is the Island's 18th agreement which meets the OECD international tax standard on transparency and effective exchange of information.
This is the third double taxation agreement in six months that the Isle of Man has signed with a European Union member state
The DTA signing ceremony took place on 23 October 2009 at Malta's High Commission in London between Allan Bell MHK, the Isle of Man's Treasury Minister, and HE Joseph Zammit Tabona, Malta's High Commissioner to the United Kingdom.
Minister Bell said, "The signing of a double taxation agreement with Malta today is a further milestone in the development of the Isle of Man's network of international tax co-operation agreements. We now have double taxation agreements with three European Union member states in addition to the UK. We are continuing energetically to play an active role in the field of tax co-operation, which strengthens our standing as an international business centre. This agreement represents the commencement of a new political, economic and cultural relationship between Malta and the Isle of Man, which, I am sure, can only develop further in the future."
A DTA is the standard 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 been at the forefront of delivering the international standard on tax co-operation for a number of years, and this signing is further evidence that we will continue to forge relationships with countries as a good neighbour and as an economic partner. We have shown through the signing and ratifying of tax information exchange agreements (TIEAs) and DTAs, and with our decision to move to automatic exchange of information under the European Union Savings Directive, that we are among the leading group of international financial services centres."
This is the third double taxation agreement in six months that the Isle of Man has signed with a European Union member state
The DTA signing ceremony took place on 23 October 2009 at Malta's High Commission in London between Allan Bell MHK, the Isle of Man's Treasury Minister, and HE Joseph Zammit Tabona, Malta's High Commissioner to the United Kingdom.
Minister Bell said, "The signing of a double taxation agreement with Malta today is a further milestone in the development of the Isle of Man's network of international tax co-operation agreements. We now have double taxation agreements with three European Union member states in addition to the UK. We are continuing energetically to play an active role in the field of tax co-operation, which strengthens our standing as an international business centre. This agreement represents the commencement of a new political, economic and cultural relationship between Malta and the Isle of Man, which, I am sure, can only develop further in the future."
A DTA is the standard 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 been at the forefront of delivering the international standard on tax co-operation for a number of years, and this signing is further evidence that we will continue to forge relationships with countries as a good neighbour and as an economic partner. We have shown through the signing and ratifying of tax information exchange agreements (TIEAs) and DTAs, and with our decision to move to automatic exchange of information under the European Union Savings Directive, that we are among the leading group of international financial services centres."
24 October 2009
Updated Guide to Isle of Man Tax Information Agreements The 2nd edition of our guide to the Isle of Man Tax Information Exchange Agreements by Advocate Miles Benham is now available in the publications section of this website.
http://www.mannbenham.com/downloads/3-24.10.09_Paper_on_IOM_TIEA's.pdf
http://www.mannbenham.com/downloads/3-24.10.09_Paper_on_IOM_TIEA's.pdf
18 July 2009
ISLE OF MAN SIGNS COMPREHENSIVE DOUBLE TAXATION AGREEMENT WITH BELGIUM The Isle of Man on the 16th July signed 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.
The Island remains at the forefront of tax co-operation and builds its strength as an international business centre.
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 took place on the 16th 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 Island remains at the forefront of tax co-operation and builds its strength as an international business centre.
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 took place on the 16th 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.
08 May 2009
ISLE OF MAN SIGNS COMPREHENSIVE DOUBLE TAXATION AGREEMENT WITH ESTONIA The Isle of Man today signed a comprehensive double taxation agreement (DTA) with Estonia.
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.
The signing ceremony took place today (8 May 2009) in Tallinn between Allan Bell MHK, the Isle of Man's Treasury Minister, and Urmas Paet, Minister of Foreign Affairs of the Republic of Estonia.
The agreement between the two governments is based on the model published by the Organisation for Economic Co-operation and Development (OECD). In addition to this agreement signalling that the Isle of Man and Estonia wish to develop their bilateral economic relations, the DTA will also act to prevent tax evasion, and delivers the OECD's agreed international standard on tax transparency and exchange of information.
Minister Bell said: "The Isle of Man is a small, self-reliant nation characterised by an independent spirit, enterprise and innovation. Each of these factors has contributed to the evolution of our thriving, diverse economy and our success as a centre for quality international business. These factors are also characteristic of Estonia, and I look forward to this agreement becoming the cornerstone of a friendship between our countries based on vibrant economic ties."
The text of the agreement can be viewed on the International Agreements page of the Isle of Man Treasury Income Tax Division's website at:
http://www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml
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.
The signing ceremony took place today (8 May 2009) in Tallinn between Allan Bell MHK, the Isle of Man's Treasury Minister, and Urmas Paet, Minister of Foreign Affairs of the Republic of Estonia.
The agreement between the two governments is based on the model published by the Organisation for Economic Co-operation and Development (OECD). In addition to this agreement signalling that the Isle of Man and Estonia wish to develop their bilateral economic relations, the DTA will also act to prevent tax evasion, and delivers the OECD's agreed international standard on tax transparency and exchange of information.
Minister Bell said: "The Isle of Man is a small, self-reliant nation characterised by an independent spirit, enterprise and innovation. Each of these factors has contributed to the evolution of our thriving, diverse economy and our success as a centre for quality international business. These factors are also characteristic of Estonia, and I look forward to this agreement becoming the cornerstone of a friendship between our countries based on vibrant economic ties."
The text of the agreement can be viewed on the International Agreements page of the Isle of Man Treasury Income Tax Division's website at:
http://www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml
30 April 2009
Isle of Man welcomes UK statement on OECD White List Chief Minister Tony Brown welcomed a statement today (30 April 2009) by Stephen Timms MP, Financial Secretary to the Treasury, recognising the Isle of Man's commitment to international regulatory standards and its listing by the OECD on its "White List" of jurisdictions that have substantially implemented the internationally agreed standard on exchange of information on tax matters.
The statement, which is available on HM Treasury website, says:
"The United Kingdom welcomes the Isle of Man's recognition by the Organisation for Economic Co-operation and Development (OECD) as a jurisdiction that has substantially implemented the internationally agreed standard on exchange of information in tax matters and on its ongoing progress in signing Tax Information Exchange Agreements (TIEAs).
Financial Secretary to the Treasury, Stephen Timms, said:
"I warmly welcome the Isle of Man's progress in agreeing Tax Information Exchange Agreements, with 14 signed so far. The Isle of Man's firm commitment to enhanced transparency and exchange of information in tax matters is very encouraging, and I call on others to heed their example".
The United Kingdom also recognises that the Isle of Man is committed to international standards of anti-money laundering legislation and practice, counter terrorist financing legislation and financial regulation, and that the Isle of Man participates in international efforts to combat financial crimes.
The statement, which is available on HM Treasury website, says:
"The United Kingdom welcomes the Isle of Man's recognition by the Organisation for Economic Co-operation and Development (OECD) as a jurisdiction that has substantially implemented the internationally agreed standard on exchange of information in tax matters and on its ongoing progress in signing Tax Information Exchange Agreements (TIEAs).
Financial Secretary to the Treasury, Stephen Timms, said:
"I warmly welcome the Isle of Man's progress in agreeing Tax Information Exchange Agreements, with 14 signed so far. The Isle of Man's firm commitment to enhanced transparency and exchange of information in tax matters is very encouraging, and I call on others to heed their example".
The United Kingdom also recognises that the Isle of Man is committed to international standards of anti-money laundering legislation and practice, counter terrorist financing legislation and financial regulation, and that the Isle of Man participates in international efforts to combat financial crimes.
03 April 2009
Isle of Man recognised on OECD tax White List THE Isle of Man Government has welcomed the Island's inclusion on the OECD "white list" of countries complying with the global standard for tax co-operation and exchange of information.
The list, produced following the G20 summit in London, places the Isle of Man in the top tier of jurisdictions along with nations such as the UK, USA, Germany, France, Sweden and Ireland, that have "substantially implemented the internationally agreed tax standard."
The OECD has also drawn up a "grey list" of "tax havens" and "other financial centres" that have committed to the standard but not yet substantially implemented, and a "blacklist" of four jurisdictions that have made no commitment.
Chief Minister Tony Brown MHK said:
"The OECD white list provides recognition at the highest level of the Isle of Man's place in the mainstream of economies that comply with the global standard on tax. This is a defining moment for us, confirming our position amongst the most responsible and co-operative countries of the world."
Treasury Minister Allan Bell MHK said:
"The OECD lists are a significant step forward in the debate about tax, as countries are now being judged and separated on the basis of agreed international criteria, not just size. The Isle of Man has always supported an objective, global approach to this issue and the G20 summit has confirmed this as the way forward.
"Inclusion on the white list represents a major endorsement of the Isle of Man and of our long-term strategy of positive engagement with the OECD. This can only reinforce the Island's reputation and confidence in our future as an international business centre of quality.
"The Island has long been committed to the international standards of tax transparency developed by the OECD in 2000. We are at the forefront of small nations in delivering on that commitment.
"Over the past seven years we have signed more tax information exchange agreements than any of our counterparts, including agreements with the UK, France and Germany. We have concluded a total of 14 so far, 12 with OECD countries, and there are several more in the pipeline. The signing of our twelfth agreement with OECD countries was described by the OECD itself as a significant milestone.
Mr Bell added:
"The Island also has a strong track record of complying with international standards of financial regulation, as assessed by the IMF and others. A series of independent, external reviews over the past decade have enhanced our reputation as a well regulated centre for international finance."
The Chief Minister, meanwhile, stressed that the Island would continue to work with the OECD and other bodies promoting international standards on tax and financial regulation.
"The Isle of Man has a long-term policy of positive engagement with international initiatives and of supporting international standards',
declared Mr Brown
"At a time of global economic crisis this responsible, co-operative approach is particularly relevant and vitally important."
The Chief Minister concluded:
"The G20 summit is clearly more of a beginning than an end. As work continues towards solutions to the global economic crisis, the Isle of Man is ready to play a constructive part."
The OECD lists can be found at:
http://www.oecd.org/dataoecd/38/14/42497950.pdf
The list, produced following the G20 summit in London, places the Isle of Man in the top tier of jurisdictions along with nations such as the UK, USA, Germany, France, Sweden and Ireland, that have "substantially implemented the internationally agreed tax standard."
The OECD has also drawn up a "grey list" of "tax havens" and "other financial centres" that have committed to the standard but not yet substantially implemented, and a "blacklist" of four jurisdictions that have made no commitment.
Chief Minister Tony Brown MHK said:
"The OECD white list provides recognition at the highest level of the Isle of Man's place in the mainstream of economies that comply with the global standard on tax. This is a defining moment for us, confirming our position amongst the most responsible and co-operative countries of the world."
Treasury Minister Allan Bell MHK said:
"The OECD lists are a significant step forward in the debate about tax, as countries are now being judged and separated on the basis of agreed international criteria, not just size. The Isle of Man has always supported an objective, global approach to this issue and the G20 summit has confirmed this as the way forward.
"Inclusion on the white list represents a major endorsement of the Isle of Man and of our long-term strategy of positive engagement with the OECD. This can only reinforce the Island's reputation and confidence in our future as an international business centre of quality.
"The Island has long been committed to the international standards of tax transparency developed by the OECD in 2000. We are at the forefront of small nations in delivering on that commitment.
"Over the past seven years we have signed more tax information exchange agreements than any of our counterparts, including agreements with the UK, France and Germany. We have concluded a total of 14 so far, 12 with OECD countries, and there are several more in the pipeline. The signing of our twelfth agreement with OECD countries was described by the OECD itself as a significant milestone.
Mr Bell added:
"The Island also has a strong track record of complying with international standards of financial regulation, as assessed by the IMF and others. A series of independent, external reviews over the past decade have enhanced our reputation as a well regulated centre for international finance."
The Chief Minister, meanwhile, stressed that the Island would continue to work with the OECD and other bodies promoting international standards on tax and financial regulation.
"The Isle of Man has a long-term policy of positive engagement with international initiatives and of supporting international standards',
declared Mr Brown
"At a time of global economic crisis this responsible, co-operative approach is particularly relevant and vitally important."
The Chief Minister concluded:
"The G20 summit is clearly more of a beginning than an end. As work continues towards solutions to the global economic crisis, the Isle of Man is ready to play a constructive part."
The OECD lists can be found at:
http://www.oecd.org/dataoecd/38/14/42497950.pdf
26 March 2009
ISLE OF MAN SIGNS TAX CO-OPERATION AGREEMENT WITH FRANCE ISLE OF MAN SIGNS TAX CO-OPERATION AGREEMENT WITH FRANCE
Signing of 12th TIEA with OECD countries places the Isle of Man at the forefront of tax co-operation
The Isle of Man on 26th March 2009 signed a Tax Information Exchange Agreement (TIEA) with France. The agreement between the two governments is the 14th TIEA the Isle of Man has signed, the 12th with an OECD member country. This latest agreement, signed 7 years after the Island signed its first TIEA with the USA, demonstrates the Isle of Man's long standing commitment to tax transparency and effective exchange of information. The Island has signed over a quarter of the 51 TIEAs in existence globally.
The signing ceremony took place in Douglas between Allan Bell MHK, the Isle of Man's Treasury Minister, and Eric Woerth, French Secretary of State for the Budget, Public Accounts and Civil Service.
TIEAs deliver the OECD's agreed international standard on tax transparency and exchange of information. The Isle of Man was one of the first nations to make a clear commitment to OECD standards on tax co-operation in 2000 and was recognised by the OECD as a "committed jurisdiction" in 2001.
Minister Bell said: "We are delighted to announce the signing of our 14th TIEA, a significant milestone in our ongoing commitment to international tax co-operation. For nine years the Isle of Man Government has been dedicated to achieving OECD standards, and this latest TIEA is part of our continuing work and mutual co-operation with not only France, but all other countries we have agreements with."
The Island signed its first TIEA with the US in 2002 and has maintained momentum since then by developing and signing ground-breaking deals with other nations aimed at producing benefits for both countries involved (table below).
Minister Bell commented: "In addition to our agreement with France and the recent one with Germany, we are at advanced stages of negotiation with several other countries and will continue to strive for effective co-operation based on agreed international standards by developing, signing and ratifying further TIEAs."
Also signed at the ceremony was an agreement for the avoidance of double taxation with respect to enterprises operating ships in international traffic. This builds the Isle of Man's network of shipping taxation agreements, and will further enhance opportunities for the Island's highly regarded shipping sector.
The texts of each agreement can be viewed on the International Agreements page of the Isle of Man Treasury Income Tax Division's website at:
http://www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml
Isle of Man's 14 TIEAs
Country TIEA signing date
US 03-Oct-02
Netherlands 12-Oct-05
Sweden 30-Oct-07
Norway 30-Oct-07
Finland 30-Oct-07
Denmark 30-Oct-07
Greenland 30-Oct-07
Faroes 30-Oct-07
Iceland 30-Oct-07
Ireland 24-Apr-08
UK 29-Sept-08
Australia 29-Jan-09
Germany 02-Mar-09
France 26-Mar-09
Signing of 12th TIEA with OECD countries places the Isle of Man at the forefront of tax co-operation
The Isle of Man on 26th March 2009 signed a Tax Information Exchange Agreement (TIEA) with France. The agreement between the two governments is the 14th TIEA the Isle of Man has signed, the 12th with an OECD member country. This latest agreement, signed 7 years after the Island signed its first TIEA with the USA, demonstrates the Isle of Man's long standing commitment to tax transparency and effective exchange of information. The Island has signed over a quarter of the 51 TIEAs in existence globally.
The signing ceremony took place in Douglas between Allan Bell MHK, the Isle of Man's Treasury Minister, and Eric Woerth, French Secretary of State for the Budget, Public Accounts and Civil Service.
TIEAs deliver the OECD's agreed international standard on tax transparency and exchange of information. The Isle of Man was one of the first nations to make a clear commitment to OECD standards on tax co-operation in 2000 and was recognised by the OECD as a "committed jurisdiction" in 2001.
Minister Bell said: "We are delighted to announce the signing of our 14th TIEA, a significant milestone in our ongoing commitment to international tax co-operation. For nine years the Isle of Man Government has been dedicated to achieving OECD standards, and this latest TIEA is part of our continuing work and mutual co-operation with not only France, but all other countries we have agreements with."
The Island signed its first TIEA with the US in 2002 and has maintained momentum since then by developing and signing ground-breaking deals with other nations aimed at producing benefits for both countries involved (table below).
Minister Bell commented: "In addition to our agreement with France and the recent one with Germany, we are at advanced stages of negotiation with several other countries and will continue to strive for effective co-operation based on agreed international standards by developing, signing and ratifying further TIEAs."
Also signed at the ceremony was an agreement for the avoidance of double taxation with respect to enterprises operating ships in international traffic. This builds the Isle of Man's network of shipping taxation agreements, and will further enhance opportunities for the Island's highly regarded shipping sector.
The texts of each agreement can be viewed on the International Agreements page of the Isle of Man Treasury Income Tax Division's website at:
http://www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml
Isle of Man's 14 TIEAs
Country TIEA signing date
US 03-Oct-02
Netherlands 12-Oct-05
Sweden 30-Oct-07
Norway 30-Oct-07
Finland 30-Oct-07
Denmark 30-Oct-07
Greenland 30-Oct-07
Faroes 30-Oct-07
Iceland 30-Oct-07
Ireland 24-Apr-08
UK 29-Sept-08
Australia 29-Jan-09
Germany 02-Mar-09
France 26-Mar-09
03 March 2009
ISLE OF MAN SIGNS TAX CO-OPERATION AGREEMENTS WITH GERMANY ISLE OF MAN SIGNS TAX CO-OPERATION AGREEMENTS WITH GERMANY
The Isle of Man on Monday, 2 March 2009 took a further important step in its programme of developing closer economic and taxation co-operation with other countries by concluding agreements with the government of Germany.
The signing ceremony took place in Berlin between Allan Bell MHK, the Isle of Man's Treasury Minister, and for Germany Nicolette Kressl, Parliamentary State Secretary in the Finance Ministry (Deputy Minister of Finance) and Georg Witschel, Director in the Foreign Affairs Department .
The two agreements are:
- a tax information exchange agreement based on the Organisation for Economic Co-operation and Development (OECD) model; and
- an agreement for the avoidance of double taxation with respect to enterprises operating ships in international traffic.
Minister Bell commented: "The Isle of Man has been committed to the OECD standards of transparency and effective exchange of information for tax purposes for over eight years, and we have worked hard to show clear evidence of those standards in action. I am delighted that we have signed agreements today with a leading member of the OECD, and I look forward to working with Germany in the future."
Minister Bell also said, "Part of the Isle of Man's economy is based on financial services, and it is vital such financial services operate to the standards required by the global economic community. These agreements show once again how well we work with other countries and deliver global standards."
Angel Gurria, Secretary-General of the Organisation for Economic Co-operation & Development (OECD), acknowledged in a speech given on 21 October 2008 that the Isle of Man was one of the finance centres actively negotiating tax agreements and making "most of the progress" in delivering standards in the areas of transparency and exchange of information. He went on to call from the OECD member countries for "a clear political recognition being given to those offshore financial centres that have made progress. The politicians in those jurisdictions have taken a high political risk. You need to show them that the choices that they made are the right ones"
The diverse and flexible economy of the Isle of Man, coupled with prudent financial management, high reserves and low debt have led to both Standard and Poor's and Moody's maintaining the Island's "AAA" credit rating.
Minister Bell said in a brief speech at the signing ceremony: "The Isle of Man has regulatory systems for all financial services that meet international benchmark standards. Germany, and all of the other countries with which we have co-operation agreements, can rely on the Isle of Man to support them and to deliver all that is required from a small but significant player in the global economic community. Effective co-operation between countries must be based on agreed standards, and those standards should be adhered to clearly by all countries wishing to attract the best investment and business."
The texts of each agreement can be viewed on the International Agreements page of the Isle of Man Treasury Income Tax Division's website at:
http://www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml.
The Isle of Man on Monday, 2 March 2009 took a further important step in its programme of developing closer economic and taxation co-operation with other countries by concluding agreements with the government of Germany.
The signing ceremony took place in Berlin between Allan Bell MHK, the Isle of Man's Treasury Minister, and for Germany Nicolette Kressl, Parliamentary State Secretary in the Finance Ministry (Deputy Minister of Finance) and Georg Witschel, Director in the Foreign Affairs Department .
The two agreements are:
- a tax information exchange agreement based on the Organisation for Economic Co-operation and Development (OECD) model; and
- an agreement for the avoidance of double taxation with respect to enterprises operating ships in international traffic.
Minister Bell commented: "The Isle of Man has been committed to the OECD standards of transparency and effective exchange of information for tax purposes for over eight years, and we have worked hard to show clear evidence of those standards in action. I am delighted that we have signed agreements today with a leading member of the OECD, and I look forward to working with Germany in the future."
Minister Bell also said, "Part of the Isle of Man's economy is based on financial services, and it is vital such financial services operate to the standards required by the global economic community. These agreements show once again how well we work with other countries and deliver global standards."
Angel Gurria, Secretary-General of the Organisation for Economic Co-operation & Development (OECD), acknowledged in a speech given on 21 October 2008 that the Isle of Man was one of the finance centres actively negotiating tax agreements and making "most of the progress" in delivering standards in the areas of transparency and exchange of information. He went on to call from the OECD member countries for "a clear political recognition being given to those offshore financial centres that have made progress. The politicians in those jurisdictions have taken a high political risk. You need to show them that the choices that they made are the right ones"
The diverse and flexible economy of the Isle of Man, coupled with prudent financial management, high reserves and low debt have led to both Standard and Poor's and Moody's maintaining the Island's "AAA" credit rating.
Minister Bell said in a brief speech at the signing ceremony: "The Isle of Man has regulatory systems for all financial services that meet international benchmark standards. Germany, and all of the other countries with which we have co-operation agreements, can rely on the Isle of Man to support them and to deliver all that is required from a small but significant player in the global economic community. Effective co-operation between countries must be based on agreed standards, and those standards should be adhered to clearly by all countries wishing to attract the best investment and business."
The texts of each agreement can be viewed on the International Agreements page of the Isle of Man Treasury Income Tax Division's website at:
http://www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml.
30 January 2009
TAX CO-OPERATION AGREEMENTS WITH IRELAND COME INTO FORCE 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 at www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml
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 at www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml
30 January 2009
ISLE OF MAN SIGNS TAX CO-OPERATION AGREEMENTS WITH AUSTRALIA As part of its continuing programme of developing closer economic and taxation co-operation with other countries, the Isle of Man on Thursday, 29 January 2009 concluded agreements with the government of Australia.
The signing ceremony took place at Australia House in London, United Kingdom, between the Isle of Man's Treasury Minister, Allan Bell MHK, and the Australian High Commissioner to the United Kingdom, John Dauth LVO.
The two agreements are:
- a tax information exchange agreement based on the Organisation for Economic Co-operation and Development (OECD) model; and
- an agreement for the allocation of taxing rights over certain income of individuals and to establish a mutual agreement procedure in respect of transfer pricing adjustments.
The texts of each agreement are available at www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml
The signing ceremony took place at Australia House in London, United Kingdom, between the Isle of Man's Treasury Minister, Allan Bell MHK, and the Australian High Commissioner to the United Kingdom, John Dauth LVO.
The two agreements are:
- a tax information exchange agreement based on the Organisation for Economic Co-operation and Development (OECD) model; and
- an agreement for the allocation of taxing rights over certain income of individuals and to establish a mutual agreement procedure in respect of transfer pricing adjustments.
The texts of each agreement are available at www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml
17 November 2008
Isle of Man Aircraft Registry An article on the Isle of Man Aircraft Registry by Tmothy Mann is now available in the Publications section. http://www.mannbenham.com/publications.asp
13 August 2008
Changes to the Isle of Man Financial Services Ombudsman Scheme Isle of Man Financial Services Ombudsman Scheme
The Isle of Man is part of a global finance industry and is proud to have achieved international recognition for the high quality of its financial services and the effectiveness of its regulatory environment and compensation arrangements.
The Isle of Man Financial Services Ombudsman Scheme (the Scheme) plays a major role within the overall protection that the Island offers to consumers and is the only such scheme operating in the British offshore islands.
While the Scheme plays an important part in confirming the Island's international reputation as a high quality and reliable provider of financial services, the Scheme is open to local residents.
The Scheme, which is operated by the Isle of Man Office of Fair Trading, is a free, independent dispute resolution service for individuals with an unresolved complaint against an Isle of Man financial firm such as a bank, insurance company or financial adviser. Commercial entities are deemed to have the wherewithal to use traditional redress routes.
From 1st August 2008 the legislation under which the Scheme is established changes from the Financial Supervision Act 1988 as amended by the Fair Trading (Amendment) Act 2001, to the Financial Services Act 2008. The major modifications to the Scheme resulting from this change are as follows:-
The Adjudicators to the Scheme, including the Senior Adjudicator, will be appointed by the Appointments Commission, currently they are appointed by the Office of Fair Trading.
If a complaint is submitted for formal determination by an Adjudicator either party, the complainant or financial provider, will have the right to request a review by the Senior Adjudicator of the Adjudicator’s provisional determination. The outcome of any such review will be binding on both parties. The only right of appeal against the final determination being to the High Court on a point of law. Currently no such right to review any Adjudicator's determination exists.
The Office of Fair Trading will, by means of an Order, be able to amend the scope of the financial services which fall under the remit of the Scheme. Although no changes to the financial services already covered by the Scheme are to be introduced at 1st August 2008, this position may be reviewed in future.
The change will also allow for the disclosure of information between the Scheme and other government bodies.
This new legislation applies to all unresolved cases already submitted to the Scheme and those submitted after 1st August 2008.
Chairman of the Office of Fair Trading Bill Henderson MHK commenting on the Scheme said
The Scheme is a vital part of the Island's consumer protection framework. The introduction of the Scheme has ensured that consumers have somewhere other than the courts to turn to when they have not been able to resolve a complaint with their financial service provider. These changes will allow the Office to expand the Scheme to other financial services should it prove necessary.
More details of the Scheme can be found at www.gov.im/oft/ombudsman
News from Isle of Man Finance web site: see www.isleofmanfinance.gov.im/
The Isle of Man is part of a global finance industry and is proud to have achieved international recognition for the high quality of its financial services and the effectiveness of its regulatory environment and compensation arrangements.
The Isle of Man Financial Services Ombudsman Scheme (the Scheme) plays a major role within the overall protection that the Island offers to consumers and is the only such scheme operating in the British offshore islands.
While the Scheme plays an important part in confirming the Island's international reputation as a high quality and reliable provider of financial services, the Scheme is open to local residents.
The Scheme, which is operated by the Isle of Man Office of Fair Trading, is a free, independent dispute resolution service for individuals with an unresolved complaint against an Isle of Man financial firm such as a bank, insurance company or financial adviser. Commercial entities are deemed to have the wherewithal to use traditional redress routes.
From 1st August 2008 the legislation under which the Scheme is established changes from the Financial Supervision Act 1988 as amended by the Fair Trading (Amendment) Act 2001, to the Financial Services Act 2008. The major modifications to the Scheme resulting from this change are as follows:-
The Adjudicators to the Scheme, including the Senior Adjudicator, will be appointed by the Appointments Commission, currently they are appointed by the Office of Fair Trading.
If a complaint is submitted for formal determination by an Adjudicator either party, the complainant or financial provider, will have the right to request a review by the Senior Adjudicator of the Adjudicator’s provisional determination. The outcome of any such review will be binding on both parties. The only right of appeal against the final determination being to the High Court on a point of law. Currently no such right to review any Adjudicator's determination exists.
The Office of Fair Trading will, by means of an Order, be able to amend the scope of the financial services which fall under the remit of the Scheme. Although no changes to the financial services already covered by the Scheme are to be introduced at 1st August 2008, this position may be reviewed in future.
The change will also allow for the disclosure of information between the Scheme and other government bodies.
This new legislation applies to all unresolved cases already submitted to the Scheme and those submitted after 1st August 2008.
Chairman of the Office of Fair Trading Bill Henderson MHK commenting on the Scheme said
The Scheme is a vital part of the Island's consumer protection framework. The introduction of the Scheme has ensured that consumers have somewhere other than the courts to turn to when they have not been able to resolve a complaint with their financial service provider. These changes will allow the Office to expand the Scheme to other financial services should it prove necessary.
More details of the Scheme can be found at www.gov.im/oft/ombudsman
News from Isle of Man Finance web site: see www.isleofmanfinance.gov.im/
