The Isle of Man continues to meet current international standards in tax transparency and effective exchange of information in tax matters between countries by signing a tax information exchange agreement (TIEA) with Switzerland. 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 total number of TIEAs signed by the Isle of Man is 29 now and this is 39th agreement that meets the Organization of Economic Cooperation and Development (OECD) international standard on tax co-operation and transparency.
The TIEA with Switzerland was signed in London on 28 August 2013, by Frank Grütter Chargé d’affaires of Switzerland and Eddie Teare MHK, the Isle of Man’s Treasury Minister.
“The Isle of Man Government welcomes the signing of a Tax Information Exchange Agreement with Switzerland, which I understand to be Switzerland’s first. I am delighted that the Island is a party to such a significant event. The signing of this agreement demonstrates the Island’s continuing commitment to meet current international standards in tax transparency and effective exchange of information.”, – Minister Teare said.
The Isle of Man signed the most of bilateral cooperation agreements in the area of tax information exchange.
The most recent signed TIEAs that are in force are
- Double Taxation agreement with the Republic of Seychelles
- Double Taxation Agreement with Guernsey
- Double Taxation Agreement with Jersey
- TIEA and Agreement for the avoidance of double taxation with respect to individuals with Republic of Slovenia
- Double Taxation Agreement with Singapore
- Double taxation agreement (DTA) with Luxembourg