IoM TIEAs With Japan, China To Enter Into Force

by Jason Gorringe, Tax-News.com, London

04 August 2011

The Isle of Man government has announced that its Tax Information Exchange Agreements with China and Japan will enter into force on August 14, 2011, and September 1, 2011, respectively.

The agreement with China was concluded on October 26, 2010, and was later ratified by the island's legislative assembly, the Tynwald, on January 18, 2011. The Ministry of Foreign Affairs in China has now confirmed that China has completed its own ratification procedures.

The Japanese agreement was signed on June 21, 2011, and ratified by the Japanese authorities on the same day. Guernsey authorities announced the ratification of the agreement on August 2, 2011.

Both agreements will become effective on January 1, 2012 in Japan and China, and on April 6, 2012 in respect of the Isle of Man.

The negotiation, signing and ratification of TIEAs, the government said, demonstrates the Isle of Man’s commitment to meeting agreed international standards and to the principles of cooperation between countries, transparency and effective exchange of information in tax matters.

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