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Isle of Man signs tax co-operation agreements with Ireland

Posted: 25 April 2008

The Isle of Man has concluded agreements with the government of Ireland in signing a tax co-operation agreement.

The agreements - the first of their kind between Ireland and an international financial services centre - were signed at a ceremony in Dublin by the Isle of Man's Treasury Minister Allan Bell MHK and Ireland's Tánaiste (Deputy Prime Minister) and Minister for Finance Brian Cowen TD.

The two agreements are:
1. Tax information exchange agreement based on the Organisation for Economic Co-operation and Development (OECD) model of exchange of information on request on a case by case basis; and

2. Agreement for affording relief from double taxation with respect to certain income of individuals and establishing a mutual agreement procedure in connection with the adjustment of profits of associated enterprises.

Minister Bell commented: ‘Ireland is one of our closest neighbors, and it is essential that we work together in a spirit of friendly co-operation to further the interests of both countries.'

He closed by saying: ‘These agreements represent the start of a new phase in relations between Ireland and the Isle of Man and will lead; I am sure, to the further development of our political, economic and cultural ties.'

Click here for more information on the Isle of Man and Ireland

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