The Isle of Man government has announced the signing of two Tax Information Exchange Agreements (TIEAs) with Japan and Indonesia.
The agreements were signed in London by Anne Craine, the Isle of Man's Treasury Minister, and on behalf of Japan by Keiichi Hayashi, the Japanese Ambassador to the UK, and on behalf of Indonesia by Indonesian ambassador Yuri Octavian Thamrin.
The signings provide further evidence of the Isle of Man's efforts to drive forward international tax transparency, and brings the territory's total of such agreements that conform to the Organization for Economic Cooperation and Development's international standard on tax cooperation and transparency to 27, 23 of which are dedicated TIEAs.
It is just the fourth such agreement Japan has entered into, along with agreements with Bermuda, the Bahamas and the Cayman Islands.
Minister Craine commented: “The Isle of Man has been committed to tax transparency and effective exchange of information for a long time. Less than three weeks ago the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published its report on the Isle of Man and concluded that our existing agreements are working effectively and efficiently in practice. The Isle of Man has very good relationships with its existing exchange of information partners and this week’s agreements create the perfect opportunity to develop the relationship between the Isle of Man and its two new TIEA partners, Japan and Indonesia.”
Before the agreements can enter into force, the co-signatory countries must first exchange diplomatic notes notifying the other that their country's ratification procedures have been undertaken.
The agreements were signed in London by Anne Craine, the Isle of Man's Treasury Minister, and on behalf of Japan by Keiichi Hayashi, the Japanese Ambassador to the UK, and on behalf of Indonesia by Indonesian ambassador Yuri Octavian Thamrin.
The signings provide further evidence of the Isle of Man's efforts to drive forward international tax transparency, and brings the territory's total of such agreements that conform to the Organization for Economic Cooperation and Development's international standard on tax cooperation and transparency to 27, 23 of which are dedicated TIEAs.
It is just the fourth such agreement Japan has entered into, along with agreements with Bermuda, the Bahamas and the Cayman Islands.
Minister Craine commented: “The Isle of Man has been committed to tax transparency and effective exchange of information for a long time. Less than three weeks ago the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published its report on the Isle of Man and concluded that our existing agreements are working effectively and efficiently in practice. The Isle of Man has very good relationships with its existing exchange of information partners and this week’s agreements create the perfect opportunity to develop the relationship between the Isle of Man and its two new TIEA partners, Japan and Indonesia.”
Before the agreements can enter into force, the co-signatory countries must first exchange diplomatic notes notifying the other that their country's ratification procedures have been undertaken.
