The Isle of Man has signed a Tax Information Exchange Agreement (TIEA) with France. The agreement between the two governments is the 14th TIEA the Isle of Man has signed, and the 12th with an OECD member country. This latest agreement was signed 7 years after the island signed its first TIEA with the USA. The island currently holds a quarter of the 51 TIEAs in existence globally.
The signing ceremony took place on March 26 in the Isle of Man’s capital, Douglas. The agreement was signed by Allan Bell, the Isle of Man’s Treasury Minister, and Eric Woerth, French Secretary of State for the Budget, Public Accounts and Civil Service.
The Isle of Man was one of the first nations to make a clear commitment to OECD standards on tax co-operation in 2000 and was recognised by the OECD as a ‘committed jurisdiction’ in 2001.
Minister Bell said: “We are delighted to announce the signing of our 14th TIEA, a significant milestone in our ongoing commitment to international tax co-operation. For nine years the Isle of Man government has been dedicated to achieving OECD standards, and this latest TIEA is part of our continuing work and mutual co-operation with not only France, but all other countries we have agreements with.”
The island signed its first TIEA with the US in 2002 and has maintained momentum since then by developing and signing deals with other nations aimed at producing benefits for both countries involved.
Minister Bell commented: “In addition to our agreement with France and the recent one with Germany, we are at advanced stages of negotiation with several other countries and will continue to strive for effective co-operation based on agreed international standards by developing, signing and ratifying further TIEAs.”
Also signed at the ceremony was an agreement for the avoidance of double taxation with respect to enterprises operating ships in international traffic. This builds on the Isle of Man’s network of shipping taxation agreements, and will further enhance opportunities for the island’s highly regarded shipping sector.
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