The Isle of Man's Agreement for the Exchange of Information Relating to Tax Matters with the Government of the Italian Republic entered into force on 10 June 2015.

The agreement was signed on 16 September 2013 in London between Eddie Teare, the Isle of Man’s Treasury Minister, and His Excellency Pasquale Q Terracciano, Ambassador of Italy in the United Kingdom.

The Isle of Man ratified the agreement at the November 2013 sitting of Tynwald, and on 26 November 2013 the Hon Allan Bell MHK, Chief Minister of the Isle of Man, informed the Government of the Italian Republic that ratification had taken place.

On 10 June 2015, the Chief Minister received notification from His Excellency Pasquale Q Terracciano that the Government of the Italian Republic had completed its own ratification procedures.

The Isle of Man has signed a total of 44 agreements which meet OECD standards; 33 TIEAs and additionally 11 Double Taxation Agreements.

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.

DQ’s Expertise

DQ is a leading law firm based in the Isle of Man advising on Isle of Man and BVI law. It has a specialist team with extensive experience of advising clients in relation to international tax, securities and criminal investigations, TIEA requests and multi-jurisdiction insolvencies in the Isle of Man and the BVI. For further information on Isle of Man matters, please contact Tom Maher, Annemarie Hughes, Sinead O'Connor, Giles Hill or Donna Matthews. For more information on BVI investigations or disclosure requests, please contact head of DQ’s BVI law practice, Stephen Dougherty.

To discuss any element of your procedures or arrangements for automatic exchange of information compliance, including FATCA and CRS, please contact DQ’s head of regulatory & compliance services, Sinead O’Connor.

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.