Tax co-operation
24/04/2008
The Isle of Man continues its programme of developing closer economic and taxation co-operation with other countries and has concluded agreements with the government of Ireland.
The two agreements are: a tax information exchange agreement based on the Organisation for Economic Co-operation and Development (OECD) model of exchange of information on request on a case by case basis; and an agreement for affording relief from double taxation with respect to certain income of individuals and establishing a mutual agreement procedure in connection with the adjustment of profits of associated enterprises.
Minister Bell commented: “Ireland is one of our closest neighbours, and it is essential that we work together in a spirit of friendly co-operation to further the interests of both countries.”
The buoyant and flexible economy of the Isle of Man, coupled with prudent financial management, high reserves and low debt have led to both Standard and Poor’s and Moody’s giving the Island an ‘AAA’ credit rating with a stable outlook.
