Manx Tax Agreements Enter Into Force

by Jason Gorringe, Tax-News.com, London

29 December 2011

The Isle of Man government has noted the entry into force of two bilateral tax agreements, signed with Canada and France.

The agreement with Canada, a Tax Information Exchange Agreement, entered into force on December 19, 2011. The agreement was signed on January 17, 2011, and will provide the two nations' tax authorities with tax information on request in line with international standards set by the Organisation for Economic Cooperation and Development.

The agreement was ratified by the Isle of Man's legislative assembly, the Tynwald on March 17, 2011, and Canada has now informed the island that it too has completed its individual ratification procedures.

The second agreement, with France, a double tax convention to remove double taxation on enterprises operating ships or aircraft in international traffic, will enter into force on January 14, 2012. The agreement was signed in March of 2009. Both nations have now notified each other that their respective ratification procedures have been concluded and as such the agreement can now enter into force.

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