The Isle of Man government has announced the signing of another Tax Information Exchange Agreement (TIEA), with Canada.
The agreement was signed in Douglas, the Isle of Man, on January 17, 2011, by James Wright, the Canadian High Commissioner to the United Kingdom, and by Manx Treasury Minister, Anne Craine.
The Isle of Man is a leading jurisdiction in terms of the number of bilateral cooperation agreements it has concluded in the area of tax information exchange. The latest, with Canada, takes the number of TIEAs it has concluded to eighteen, and to 21 the number of tax cooperation agreements it has concluded that incorporate the Organization of Economic Cooperation and Development (OECD) international standard on tax transparency and information exchange.
Welcoming the agreement, Craine said: “I was delighted to welcome the Canadian High Commissioner to the island for the signing of this agreement which opens up a new channel of tax co-operation between our two countries. This is something of a milestone for the Isle of Man, being the 21st agreement we have concluded in compliance with the OECD international standard on tax co-operation and transparency. The island’s growing network of tax agreements around the world shows that we are serious about supporting global solutions and developing economic relationships.”
On behalf of Canada, Wright added: “Canadian companies - especially our insurance companies - have been part of the Isle of Man's local economy for over 20 years, and they have a visible presence and real impact on the island. The signing of a Tax Information Exchange Agreement is important for both Canada and for the Isle of Man, as it reaffirms our shared desire to meet the highest international standards of financial regulation.”
The Isle of Man’s first TIEA was with the USA in 2002 and agreements since then have included the Netherlands; the Scandinavian countries, Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden; Ireland; the UK; Australia; Germany; France; and most recently China. In addition the Isle of Man has three Double Taxation Agreements that have been revised to incorporate the OECD standard, with Estonia, Belgium and Malta.
The agreement was signed in Douglas, the Isle of Man, on January 17, 2011, by James Wright, the Canadian High Commissioner to the United Kingdom, and by Manx Treasury Minister, Anne Craine.
The Isle of Man is a leading jurisdiction in terms of the number of bilateral cooperation agreements it has concluded in the area of tax information exchange. The latest, with Canada, takes the number of TIEAs it has concluded to eighteen, and to 21 the number of tax cooperation agreements it has concluded that incorporate the Organization of Economic Cooperation and Development (OECD) international standard on tax transparency and information exchange.
Welcoming the agreement, Craine said: “I was delighted to welcome the Canadian High Commissioner to the island for the signing of this agreement which opens up a new channel of tax co-operation between our two countries. This is something of a milestone for the Isle of Man, being the 21st agreement we have concluded in compliance with the OECD international standard on tax co-operation and transparency. The island’s growing network of tax agreements around the world shows that we are serious about supporting global solutions and developing economic relationships.”
On behalf of Canada, Wright added: “Canadian companies - especially our insurance companies - have been part of the Isle of Man's local economy for over 20 years, and they have a visible presence and real impact on the island. The signing of a Tax Information Exchange Agreement is important for both Canada and for the Isle of Man, as it reaffirms our shared desire to meet the highest international standards of financial regulation.”
The Isle of Man’s first TIEA was with the USA in 2002 and agreements since then have included the Netherlands; the Scandinavian countries, Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden; Ireland; the UK; Australia; Germany; France; and most recently China. In addition the Isle of Man has three Double Taxation Agreements that have been revised to incorporate the OECD standard, with Estonia, Belgium and Malta.
