IoM-Germany Tax Agreements To Enter Into Force

by Amanda Banks, Tax-News.com, London

12 October 2010

The Isle of Man government has announced that two tax cooperation agreements signed with Germany in May 2009 will shortly enter into force.

The agreements – a tax information exchange agreement and a double tax agreement with respect to enterprises operating ships in international traffic – were signed on March 2, 2009, and were ratified later that month by the Isle of Man.

Prior to entering into force, the agreements required ratification also by the German legislative assembly, which the German Embassy in London has now notified the Isle of Man government as having happened. Consequently, the agreements will enter into force on November 5, 2010.

The tax information exchange agreement is one of 16 concluded by the Isle of Man, and will provide Germany with tax information upon request to facilitate in the investigation of fiscal crime, and in civil tax matters, and vice versa.

"The Isle of Man is committed to meeting agreed international standards and to the principles of co-operation between countries, transparency and effective exchange of information in tax matters," a Manx government statement said.

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