The comprehensive double tax convention signed between the Isle of Man and Estonia on May 8, 2009, has entered into force.
The Isle of Man was first to ratify the agreement, on June 16, which was then followed by an announcement by Estonia’s Minister of Foreign Affairs, Urmas Paet, on December 21, 2009, that Estonia had completed its ratification procedure, bringing the document into effect.
The double taxation agreement between the two countries is based on the model published by the Organization for Economic Cooperation and Development (OECD). In addition to the agreement signalling that the Isle of Man and Estonia wish to develop their bilateral economic relations, it will also act to prevent tax evasion, and delivers the OECD’s agreed international standard on tax transparency and exchange of information.
In a statement, the Isle of Man government claimed that the negotiation, signing and ratification of tax cooperation agreements demonstrates the Isle of Man’s commitment to international standards and the global effort to establish a system based on cooperation between countries, transparency and effective exchange of information in tax matters, all of which strengthen financial stability.
On April 2, 2009, the OECD acknowledged the Isle of Man’s quality in regulation and cooperation by placing it on its "white list" of countries that have substantially implemented the internationally agreed tax standard.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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