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Nordic Countries Sign Tax Deal With Isle Of Man

by Jason Gorringe,, London

31 October 2007

An association of Nordic countries have this week concluded a package of Tax and Information Exchange Agreements (TIEA) with the Isle of Man.

The TIEA negotiations came to fruition on Tuesday, providing for the exchange of information between governments on a case-by-case basis, as the Manx government seeks to reinforce its global reputation as a well-regulated financial centre.

A similar deal between the Isle of Man and the Netherlands came into operation in August 2006 and was then hailed by the Manx government as the first of its kind between a small international business centre and an OECD member and a major boost to the island's international reputation.

"Fiscal agreements, in particular, foster bilateral trade and investor confidence in both countries," Manx Treasury Minister Alan Bell noted at the time.

The Nordic countries started joint negotiations in July 2006 to conclude tax information exchange arrangements with jurisdictions that have made a commitment to apply the OECD standards on transparency and exchange of information in the tax area.

In June of this year, they announced that "substantial progress" had been made with a number of jurisdictions, including Aruba, Isle of Man, Jersey and the Netherlands Antilles. Talks between the Nordic states and Bermuda, British Virgin Islands, Cayman Islands and Guernsey were also planned.

The taxation and economic co-operation agreements reached this week have been signed with the seven members of the Nordic Council, namely Norway, Sweden, Finland, Iceland, Denmark, Greenland and the Faroe Islands.

The package of 28 agreements was signed at a ceremony in Oslo on Tuesday.

The package includes:

  • Tax information exchange agreements based on the OECD (Organisation for Economic Co-operation and Development) model of exchange of information on request on a case by case basis.
  • Shipping and aircraft taxation agreements ensuring that a relevant business based in the Isle of Man will not be taxed in the Nordic countries so long as it is conducting international trade.

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