Portugal's Tax Information Exchange Agreement (TIEA)
with the Isle of Man came into force on 18 January 2012. The
agreement had been signed in July 2010, and the Isle of Man
government ratified it in October 2010. The Portuguese authorities
have informed their Isle of Man counterparts that they have now
concluded their own ratification procedures, and therefore the
agreement has now entered into force.
The Isle of Man has signed a total of 25 TIEAs (and additionally 4
Double Taxation Agreements), including agreements with seven out of
the world's 10 major economies. More specifically, it has
done so with all of the top five 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.
