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Isle of Man and Germany sign tax treaty
Internationaltaxreview.com,
March 1, 2009. The Isle of Man and Germany have signed a bilateral tax
agreement aimed at developing closer economic and taxation cooperation
between the two countries.
The Isle of Man and Germany have signed a bilateral tax agreement aimed at
developing closer economic and taxation cooperation between the two
countries.
The pact includes
a tax information
exchange agreement that is based on the
OECD principles of
transparency and fairness to cross-border transactions.
This is the 13th such agreement that the Isle of Man has signed, 11 of
which are with OECD member states.
"The Isle of Man has been committed to the OECD standards of transparency
and effective exchange of information for tax purposes for over eight
years, and we have worked hard to show clear evidence of those standards
in action,"
said
Allan Bell, the Isle of Man's Treasury Minister.
The agreement will enable the Isle of Man to enter into better dialogue
with Germany which, traditionally, has been reluctant in the past to
cooperate with small countries like Lichtenstein and
Switzerland.
In
a speech
in October 2008, Angel Gurria, the OECD secretary-general, praised the
Isle of Man for making progress in negotiating tax agreements and
delivering standards.
"Effective co-operation between countries must be based on agreed
standards, and those standards should be adhered to clearly by all
countries wishing to attract the best investment and business," Bell
added.
The two countries also signed an agreement for the avoidance of double
taxation with respect to enterprises operating ships in international
traffic.
Since the start of 2007, OECD countries have signed 36 bilateral
information exchange agreements.. |