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Isle of Man’s tax agreements with Singapore and Turkey
The Isle of Man has signed a double taxation agreement with the Republic of Singapore and a tax information exchange agreement (TIEA) with the Republic of Turkey.
Both signing ceremonies took place in London.
Double taxation agreements are designed to protect against the risk of double taxation where the same income is taxable in two states. So, under such agreements, pensions are only taxed in the country where you live, for example.
Tax Information Exchange Agreements (TIEAs) are = agreements under which territories agree to co-operate in tax matters through exchange of information. They enable governments to enforce their domestic tax laws by exchanging, on request, information relevant to a tax matter covered by the arrangements. They broadly follow the Organisation for Economic Co-operation and Development (OECD) guidelines.
Treasury Minister Eddie Teare MHK and Mr T Jasudasen, the high commissioner of Singapore, signed the double taxation agreement at the Singapore High Commission in London.
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 six double taxation agreements and 26 TIEAs and has 32 agreements that meet the OECD international standard on tax co-operation and transparency.
Following 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.
Mr Teare said: ‘The Isle of Man remains committed to tax transparency and effective exchange of information.’
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Weather for Isle of Man
Wednesday 22 May 2013
Today
Sunny spells
Temperature: 6 C to 12 C
Wind Speed: 24 mph
Wind direction: North west
Tomorrow
Sunny spells
Temperature: 6 C to 11 C
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