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Tax Co-operation Agreements with Singapore, Turkey and Slovenia

Posted on in IQE Isle of Man

There was good news for our international clients as the Isle of Man continues to develop closer economic and taxation co-operation with other countries.
The Isle of Man recently signed a Double Taxation Agreement (DTA) with the Republic of Singapore and a Tax Information Exchange Agreement (TIEA) with the Republic of Turkey.  In addition to the DTA and TIEA signed with the Republic of Slovenia, which entered into force on 31st August 2012, the Isle of Man has now signed 6 DTAs and 26 TIEAs and has 32 agreements which meet the OECD international standards on tax co-operation and transparency.
At the conclusion of the signing ceremonies in London, Isle of Man Treasury Minister, Eddie Teare MHK, said:
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.

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