The Isle of Man government has announced the imminent entry into force of a comprehensive double tax agreement signed with Malta on October 23, 2009.
The agreement was ratified on January 19, 2010, with the Isle of Man’s Chief Minister, Tony Brown, notifying the government of Malta of its ratification.
Malta’s High Commissioner to the United Kingdom, Joseph Zammit Tabona, has now confirmed that Malta has completed its own ratification procedures, and as a consequence the agreement will enter into force on February 26, 2010.
The double taxation agreement between the two governments is based on the model published by the Organisation for Economic Co-operation and Development (OECD).
Not only will the agreement boost economic ties between the two countries by assigning the taxing rights of the two governments on individuals and businesses active in the respective territories, but the agreement will also act to prevent tax evasion through provisions that will provide for the full exchange of tax information between the two islands’ tax authorities.
According to the Manx government, the negotiation, signing and ratification of tax co-operation agreements demonstrates the two territories’ commitment to international standards and the effort to establish a global system based on co-operation between countries, transparency and effective exchange of information in tax matters. Both territories are currently placed on the OECD 'white list' of territories that have substantially-implemented the internationally-agreed OECD standard.
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