The Isle of Man government has announced that it has entered into a comprehensive convention for the avoidance of double taxation and fiscal evasion with respect to income taxes with Estonia.
The document was signed in Tallin between Allan Bell, the Isle of Man's Treasury Minister and Urmas Paet, Minister of Foreign Affairs for Estonia.
The agreement between the two governments is based on the model published by the Organisation for Economic Co-operation and Development (OECD). In addition to this agreement signalling that the Isle of Man and Estonia wish to develop their bilateral economic relations, the DTA will also act to prevent tax evasion, and delivers the OECD’s agreed international standard on tax transparency and exchange of information.
Minister Bell commented: ‘The Isle of Man is a small, self-reliant nation characterised by an independent spirit, enterprise and innovation. Each of these factors has contributed to the evolution of our thriving, diverse economy and our success as a centre for quality international business. These factors are also characteristic of Estonia, and I look forward to this agreement becoming the cornerstone of a friendship between our countries based on vibrant economic ties."
The signing of the agreement with Estonia is the Isle of Man's 15th OECD model double tax agreement, and signifies the Island's dedication to ensure that effective and transparent tax exchange schemes are adopted internationally.
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