The Isle of Man parliament, the Tynwald, has this week ratified taxation agreements
with the Nordic Council countries of Denmark, the Faroe Islands, Finland, Greenland,
Iceland, Norway and Sweden.
The agreement was signed by Manx Treasury Minister, Allan Bell, in Oslo on
October 30th 2007, and was ratified by the Tynwald on March 12th, 2008.
All of the countries concerned have agreed to strengthen and broaden their economic and
trading links, and to develop long term political relationships based on transparency
and cooperation.
At the time of signing last October, Paolo Ciocca, Chair of the Organisation
for Economic Cooperation & Development’s (OECD) Committee on Fiscal
Affairs, commented that the agreements demonstrate that the Isle of Man is
making good progress towards achieving international legal and regulatory standards.
He went on to commend the Isle of Man and the Nordic economies for the "innovative
multilateral approach they have taken to their negotiations".
"This has been very effective in facilitating the conclusion of seven
agreements in a relatively short period of time," he noted.
The Isle of Man's Chief Minister, Tony Brown, now has the task of writing to each
of the Nordic countries to inform them that ratification has taken place.
Greenland
has already informed the Isle of Man that it has completed its own internal
ratification processes and so the agreements with Greenland will come into force
30 days after the Chief Minister’s notification letter.
Commenting on the agreements, Brown stated: “The Isle of Man has a thriving
and varied economy that is underpinned not only by the government’s understanding
of our international obligations as a small but significant member of the global
financial community, but also by our commitment to give investors in the Island
stability, confidence and an environment in which they can prosper."
"Our agreements
with the Nordic Council countries further emphasise our proactive approach to
international relations and international cooperation.”
Treasury Minister Bell added: “The Isle of Man is increasingly recognised
as a country that has a distinct approach in the field of international tax
cooperation and a voice that is listened to around the world. As Treasury Minister
I look to the interests of the Isle of Man first, but no one should be in any
doubt that I and our government also look to the interests of our economic partners
far and near."
Bell concluded that: “I expect that the Isle of Man will be signing more
international tax agreements in the near future and that, as with the Nordic
agreements, we will move rapidly to bring them into force. As confidence in
the Island grows, our people, businesses and country will flourish further."
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