Tax deal with France is ratified

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A TAX agreement with France takes effect next year.

The Isle of Man’s agreement with France for the avoidance of double taxation with respect to enterprises operating ships or aircraft in international traffic will enter into force on January 14 – almost two years after it was signed.

The agreement was one of two tax co-operation agreements with France signed in Douglas on March 26, 2009, by Eric Woerth, the then French Secretary of State for the Budget, Public Accounts and Civil Service, and the then Manx Treasury Minister Allan Bell MHK.

Mr Bell has, of course, since then succeeded Tony Brown as the island’s chief minister

Both agreements were ratified at the April 2009 sitting of Tynwald.

France completed its ratification procedures in relation to the first agreement, a tax information exchange agreement (TIEA), in 2009 and as a consequence that agreement entered into force on October 4, 2010.

The Embassy of the French Republic in London has now confirmed that France has completed its own ratification procedures in relation to the second agreement.

This is an agreement for the avoidance of double taxation with respect to enterprises operating ships or aircraft in international traffic.

The text of both agreements can be viewed on the International Agreements page of the Isle of Man Treasury Income Tax Division’s website at:

www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml

How do you rate the Manx Government’s performance on the international stage in terms of reaching agreements that should help to improve the island’s standing in the global economy?

Write to Opinions, Isle of Man Examiner, Publishing House, Peel Road, Douglas, IM1 5PZ, email opinions(at)newsiom.co.im or sign in to add your comment below.

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