The double tax convention signed between Australia and the Isle of Man on January 29, 2009, has entered into force.
The agreement encapsulates protocols for the exchange of tax information based on the Organization for Economic Co-operation and Development’s model treaty. The agreement also allocates the two governments’ taxing rights over certain income of individuals, and establishes a mutual agreement procedure in respect of transfer pricing adjustments.
The agreement entered into force on January 5, 2010, after the Australian side announced the ratification of the agreement. The Isle of Man ratified the agreement back in March 17, 2009.
The Manx government stated in relation to the entry into force of the DTA that:
"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 system based on co-operation between countries, transparency and effective exchange of information in tax matters; all of which strengthen financial stability."
On April 2, 2009, the OECD acknowledged the Isle of Man’s quality in regulation and co-operation by placing it on the ‘white list’ of countries which have substantially implemented the internationally agreed tax standard.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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