TWO tax agreements between the Isle of Man and the Republic of Slovenia have come into force.
The Tax Information Exchange Agreement (TIEA) and an agreement for the Avoidance of Double Taxation with respect to Individuals took effect from August 31.
Both agreements were signed in Douglas on June 27, 2011, by His Excellency Iztok Jarc, the Slovenian Ambassador, and by the then Manx Treasury Minister, Anne Craine MHK.
They were ratified by the Isle of Man at the December 2011 sitting of Tynwald and the Slovenian Ministry of Foreign Affairs has now confirmed that the Republic of Slovenia has also completed its ratification procedures.
A total of 30 such agreements that meet international standards on tax co-operation and transparency have been signed by the Isle of Man.
They include five double taxation agreements and 25 Tax Information Exchange Agreements.
The Isle of Man has been at the forefront of tax transparency and co-operation and has been on the Organisation for Economic Co-operation and Development’s ‘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 island’s first TIEA was with the USA in 2002 and others have followed with the Netherlands, the Scandinavian countries, Ireland, UK, Australia, Germany, France, New Zealand, Portugal and China. Last year, Further TIEAs were signed with Canada, India, Poland, Mexico, Japan, Indonesia and the Czech Republic. We also have Double Taxation Agreements with Estonia, Belgium, Malta, Bahrain and Qatar.
During his two-day visit to the island in June last year, Mr Jarc said the agreements ‘should increase the level of co-operation and the competitiveness of our economies.’
Slovenia, which joined the OECD in 2010, had the most successful economy out of the newcomers to the EU in 2004. Services are the largest sector of the economy, accounting for 64 per cent of total GDP in 2008. Tourism is an increasingly important service sector. Manufacturing accounts for about 26 per cent of total GDP. Text of the agreements can be seen at http://www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml.
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Saturday 25 May 2013
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