The Czech Republic's Tax Information Exchange Agreement (TIEA) with the Isle of Man entered into force on 18 May 2012. The agreement had been signed in London on 18 July 2011, and the Isle of Man Government ratified it in December 2011. The Czech Republic Embassy in London has now confirmed that the Czech Republic has completed its own ratification procedures.

The Isle of Man has signed a total of 31 agreements which meet OECD standards; 26 TIEAs and additionally 5 Double Taxation Agreements, including agreements with 7 out of the world's 10 major economies. More specifically, it has done so with all of the top 5 global economies – US, China, Japan, India and Germany.

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.

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.