Canada's Tax Information Exchange Agreement (TIEA) with the
Isle of Man entered into force on 19 December 2011. The agreement
had been signed in January of this year, and the Isle of Man
Government ratified it in March. The Department of Foreign Affairs
and International Trade in Canada has now confirmed that Canada has
completed its own ratification procedures.
The Isle of Man has signed a total of 29 agreements which meet OECD
standards; 25 TIEAs and additionally 4 Double Taxation Agreements,
including agreements with seven out of the world's 10 major
economies. More specifically, it has done so with all of the top
five global economies - US, China, Japan, India and Germany.
The negotiation, signing and ratification of TIEAs demonstrates
the Isle of Man's commitment to meeting agreed international
standards and to the principles of co-operation between countries,
transparency and effective exchange of information in tax
matters.
It also demonstrates its dedication to implementing the directives
of the Organisation for Economic Cooperation and Development
(OECD), which are widely viewed as the international standards for
effective tax relations between nations.
The full text of the agreement can be viewed here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
