The Irish Independent reported on Monday that discussions between the Revenue Commissioners and the tax authorities in the Isle of Man with regard to the possibility of a double taxation agreement between the two countries are imminent.
Quoting an unnamed Revenue spokesperson, the newspaper revealed that talks will begin 'within weeks', and noted that this is likely to alarm a number of the Republic's wealthier residents, for whom the Isle of Man has traditionally represented a convenient haven for undeclared assets.
According to Jim Mitchell, who chaired the DIRT (deposit interest retention tax) investigation committee, Manx-based Irish banks last year had some £5 billion in assets under management on behalf of Irish residents.
However, other than a somewhat limited agreement with the UK the Isle of Man has no other double tax agreements, a situation which it seems to be keen to rectify, at least with regard to Ireland.
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