Saturday, March 28, 2009

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 signed a Tax Information Exchange Agreement (TIEA) with France on March 26th. 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.

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.

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