Isle of Man Joins Multilateral Tax Co-operation Network

by Jason Gorringe, Tax-News.com, London

27 November 2013

The Isle of Man has become the first British Crown Dependency to join the Convention on Mutual Administrative Assistance in Tax Matters, a multilateral agreement initiated by the Organization for Economic Co-operation and Development (OECD) and Council of Europe to tackle tax evasion and avoidance between its 75 signatories.

The convention was extended to the island on November 21, 2013 during the Sixth Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Jakarta, Indonesia, and it is expected to come into force on March 01, 2014.

The island, which already has tax treaties with some of the members of the convention, will add 38 new partners to its tax treaty network as a result of joining the convention.

The territory confirmed its commitment to joining the convention ahead of the G8 summit in June of this year. The local parliament, Tynwald, approved the relevant legislation in October.

Chief Minister Allan Bell said: "The Convention is an important multilateral global instrument, which adds significantly to the Isle of Man's existing network of bilateral taxation agreements. Its extension is further evidence of the Isle of Man Government's longstanding commitment to transparency and exchange of information for tax purposes."

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