The Isle of Man today continued with its programme of developing closer economic and taxation co-operation with other countries by signing a Double Taxation Agreement (DTA) with the Republic of Singapore and a Tax Information Exchange Agreement (TIEA) with the Republic of Turkey.
Both signing ceremonies took place in London. Eddie Teare MHK, the Isle of Man’s Treasury Minister, and Mr T Jasudasen, the High Commissioner of Singapore, signed the DTA at the Singapore High Commission. Shortly afterwards, the TIEA signing ceremony took place at the Turkish Consulate between Eddie Teare MHK, and Mr Mehmet Kilci, President of Revenue Administration.
These two new agreements mean that the Isle of Man has now signed 6 DTAs and 26 TIEAs and has 32 agreements that meet the OECD international standard on tax co-operation and transparency.
Following the entry into force of the TIEA, the Isle of Man and Turkey will continue to examine measures that could further enhance their political and economic relationship, including further clarification of elements of double taxation, discrimination and other undesired tax barriers.
Minister Teare commented: “The Isle of Man remains committed to tax transparency and effective exchange of information. The signing of today’s agreements with Singapore and Turkey is further evidence of that commitment and also of the desire to build closer relations.
The Double Taxation Agreement with Singapore is a comprehensive agreement that will address taxation issues arising in relation to the flow of business and any movement of people between the Isle of Man and Singapore; this signing is further evidence that we will continue to forge relationships with countries as a good neighbour and as an economic partner.
Turkey is a member of both the G20 and the Organisation for Economic Co-operation & Development and is a significant addition to the Isle of Man’s network of international tax agreements.”
The text of the agreements can be viewed on the International Agreements page of the Isle of Man Treasury Income Tax Division’s website at:
http://www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml.
