The Isle of Man Government has announced the signing of a
comprehensive double taxation agreement (DTA) with the Republic of
Singapore and a Tax Information Exchange Agreement (TIEA) with the
Republic of Turkey.
Eddie Teare MHK, the Isle of Man Treasury Minister, and Mr T
Jasudasen, the High Commissioner of Singapore, signed the DTA at
the Singapore High Commission in London. The TIEA signing ceremony
took place at the Turkish Consulate in London between Eddie Teare
MHK and Mr Mehmet Kilci, President of Revenue Administration.
These 2 agreements mean the Isle of Man has now signed 6 DTAs and
26 TIEAs and has 32 agreements that meet the OECD international
standard on tax co-operation and transparency.
Following the entry into force of the TIEA, the Isle of Man and
Turkey will continue to examine measures that could further enhance
their political and economic relationship, including further
clarification of elements of double taxation, discrimination and
other undesired tax barriers.
Minister Teare commented: "The Isle of Man remains committed
to tax transparency and effective exchange of information. The
signing of today's agreements with Singapore and Turkey is
further evidence of that commitment and also of the desire to build
closer relations.
The Double Taxation Agreement with Singapore is a comprehensive
agreement that will address taxation issues arising in relation to
the flow of business and any movement of people between the Isle of
Man and Singapore; this signing is further evidence that we will
continue to forge relationships with countries as a good neighbour
and as an economic partner.
Turkey is a member of both the G20 and the Organisation for
Economic Co-operation & Development and is a significant
addition to the Isle of Man's network of international tax
agreements."
The 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.
