THE Isle of Man has continued its programme of developing closer economic and taxation co-operation with other countries by concluding a Tax Information Exchange Agreement (TIEA) with Canada.
The agreement was signed in Douglas today (Monday) by Mr. James R. Wright, Canadian High Commissioner to the UK, and Manx Treasury Minister Anne Craine MHK. It is the Island’s 18th TIEA and its 21st agreement that meets the OECD international standard on tax co-operation and transparency.
“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,” said Mrs Craine.
“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.”
Mr. Wright said, “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 has been at the forefront of the OECD’s tax transparency and co-operation agenda and has been on the OECD ‘white list’ of countries complying with the global standard for tax co-operation and exchange of information since the list was first published in April 2009. The agreement is designed to promote international co-operation in tax matters through exchange of information.
The Island’s first TIEA was with the USA in 2002 and agreements since then have included the Netherlands, the Scandinavian countries, Ireland, UK, Australia, Germany, France and most recently China. In addition the Isle of Man has three double taxation agreements also complying with the OECD standard, with Estonia, Belgium and Malta.
