The Isle of Man's move to ease the way for 'cross-border' business by striking bilateral tax agreements with other jurisdictions has proved highly successful for several sectors of the finance industry.
Agreements between the Isle of Man and five of the seven members of the Nordic Council – Denmark, Finland, Norway, Greenland and the Faroe Islands – have now come into force. The Isle of Man has ratified theses agreements and is ready to work with Sweden and Iceland to complete the ratification process with them.
The Island's first tax agreement was signed with the United States in 2002 – making the Isle of Man one of the first international finance centres to make such a commitment in the field of tax cooperation. Further ground was broken three years later with deals brokered with the Netherlands based on 'mutual economic benefit'. A deal with the Republic of Ireland in April this year added to the network of global agreements.
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