Isle of Man And Australia Sign Tax Cooperation Agreements

by Jason Gorringe, Tax-News.com, London

03 February 2009

It has been announced that the Isle of Man and Australia have concluded two tax cooperation agreements.

The signing ceremony took place at Australia House in London, and the agreements were signed by the Isle of Man’s Treasury Minister, Allan Bell, and the Australian High Commissioner to the United Kingdom, John Dauth.

The two agreements comprised:

• A tax information exchange agreement based on the Organisation for Economic Co-operation and Development (OECD) model; and
• An agreement for the allocation of taxing rights over certain income of individuals and to establish a mutual agreement procedure in respect of transfer pricing adjustments.

Minister Bell commented following the signature of the treaties that:

"It would be naive in the current world economic climate not to be aware of the drive by many countries to raise the levels of transparency and co-operation so as to increase the stability of financial markets."

"The Isle of Man understands what is required of a financial centre that is part of the global economic community. These agreements show once again that we work well with other countries and deliver against our promises."

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