Poland-IoM Tax Agreements To Enter Into Force

by Jason Gorringe, Tax-News.com, London

14 November 2011

The Isle of Man government has noted that both the island and Poland have completed their respective ratification procedures for the entry into force of three bilateral tax agreements.

A Tax Information Exchange Agreement will enter into force on November 27, 2011, followed by two double taxation agreements on November 28, 2011, including: an Agreement for the Avoidance of Double Taxation with respect to Enterprises Operating Ships or Aircraft in International Traffic; and an Agreement for the Avoidance of Double Taxation with respect to Certain Income of Individuals.

The Isle of Man's legislative assembly, the Tynwald ratified the agreements at its June sitting, and notified Poland accordingly on August 4, 2011. The government has now received notice from Polish authorities allowing the agreements to enter into force.

Welcoming the agreements, the Isle of Man government said that “the negotiation, signing and ratification of tax agreements demonstrates the Isle of Man’s commitment to meeting agreed international standards”.

This approach has been endorsed in the OECD report 'Tax Transparency 2011: Report on Progress' which was delivered to the G20 Cannes Summit meeting on 4 November 2011, and reported that the Isle of Man is one of only eight reviewed jurisdictions found to have all elements of effective information exchange in place.

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