The Isle of Man government has announced the signing of a double taxation agreement (DTA) with Luxembourg.

The DTA was signed in London on 8 April 2013 by the Isle of Man Treasury Minister, Eddie Teare MHK and Ms Béatrice Kirsch, Chargé d'Affaires a.i. of Luxembourg.

The DTA signed with Luxembourg is the Isle of Man's 10th dedicated DTA and the 37th agreement that meets the OECD international standard on tax cooperation and transparency.

Welcoming the signing, Minister Teare said: "Luxembourg is an important financial centre and the Isle of Man Government welcomes the signing of this Double Taxation Agreement. This is the Island's 10th DTA and its 37th agreement that meets the OECD international standard on tax co-operation and transparency. The signing of this agreement demonstrates the Island's continuing commitment to meet current international standards in tax transparency, effective exchange of information and the elimination of double taxation."

The DTA will comprehensively address taxation issues arising in relation to the flow of business and any movement of people between the Isle of Man and Luxembourg, and closely follows the model text published by the OECD.

The text of the agreement can be viewed here.

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