IoM, Poland Sign Tax Agreements

by Jason Gorringe, Tax-News.com, London

09 March 2011

The Isle of Man government has announced the signing of three tax agreements – a Tax Information Exchange Agreement (TIEA)and two double tax agreements – with Poland.

The agreements were signed on March 7 at the Polish Embassy in London by Polish Ambassador Barbara Tuge-Erecinska and the Isle of Man’s Treasury Minister, Anne Craine.

The Tax Information Exchange Agreement, in line with the Organisation for Economic Cooperation and Development's standard, will allow for the exchange of tax information between the two countries’ tax authorities on request.

The remaining two agreements will ensure that enterprises operating ships or aircraft in international traffic, and certain income of individuals are not double taxed. The agreements lay a beneficial framework that will encourage increased trade and investment between the two countries.

Welcoming the agreements, Craine said: “The Isle of Man remains committed to tax transparency and effective exchange of information particularly with its European neighbours. The signing of today’s agreements with Poland is further evidence of that commitment and also of the desire to build closer relations between Poland and the Isle of Man, especially in relation to the island’s highly regarded shipping sector”.

The TIEA with Poland is the island’s 20th TIEA and its 24th agreement that meets the OECD international standard on tax co-operation and transparency.

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