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.

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