IoM, India Tax Agreement In Force

by Jason Gorringe, Tax-News.com, London

24 March 2011

The Isle of Man government has announced the completion of the process to establish a framework for sharing tax information with India, with the provisions providing for such entering into force on March 17, 2011.

A tax information exchange agreement with India was signed on February 4, 2011, and was ratified by India on February 9, 2011. On March 17, 2011, the island’s Chief Minister, Tony Brown informed the Indian government that ratification had occurred, allowing the agreement to enter into force. The text of the agreement has been made public on the government’s website.

On signing the agreement on February 4, the island’s Treasury Minister, Anne Craine said that it was “an important step in building closer relations between India and the Isle of Man,” adding that "it is further evidence of the Isle of Man’s continuing commitment to tax transparency and effective exchange of information.”

The island has now signed agreements containing the internationally-agreed standard on tax information exchange with 24 nations.

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