China's Tax Information Exchange Agreement (TIEA) with the
Isle of Man went into full effect 14 August 2011. The agreement had
been signed in October of last year, and the Isle of Man government
ratified it in January. The Chinese 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. Its TIEA with Japan will come into force on 1 September 2011, after the Isle of Man completed its ratification of the tax agreement.
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.
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