The Isle of Man signed its sixteenth double tax agreement with administrative provisions for the exchange of information in tax matters with Belgium on July 16, 2009 at a ceremony in Brussels. The agreement was signed by the Isle of Man’s Treasury Minister Allan Bell and Didier Reynders, Belgium’s Deputy Prime Minister and Minister of Finance.
In a statement Bell said:
“Along with Estonia, this is the second double taxation agreement that the Isle of Man has signed with a European Union member state outside the UK. It shows that the Island is continuing to forge ahead in the field of tax co-operation, and further strengthens our reputation as an international business centre. This agreement represents the start of a new phase in relations between Belgium and the Isle of Man and I expect it to lead to further political, economic and cultural ties.”
The double tax agreement between the two countries will remove double taxation obstacles to the development of economic relations. It will also act to prevent tax evasion, and delivers the OECD agreed international standard on tax transparency and exchange of information.
Bell added: “The Isle of Man has always been at the forefront of tax co-operation and this signing is further evidence that we will continue to meet high standards in international tax co-operation and transparency. We have shown with the signing and ratifying of TIEAs and DTAs, and our decision to move to automatic exchange of information under the EUSD, that we are a leading International Business Centre.”
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