Martin Couch, Treasury’s Assessor of Income Tax, says an historic package was signed in Oslo today by the Isle of Man’s Treasury Minister Alan Bell, MHK. Minister Bell says, *”As a responsible nation hosting quality international business, the Isle of Man is pleased to play its part in global efforts to combat tax evasion. These agreements recognise our positive role and also provide a platform for building our business and economic relationships with the Nordic countries.”*
The latest agreements are with Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden.
The Isle of Man has played a leading role in the OECD’s initiative to improve transparency and exchange information in tax matters and was one of 11 jurisdictions that worked with OECD countries to develop the Model Agreement on Exchange of Information in Tax Matters.
The Chairman of the OECD’s Committee on Fiscal Affairs, Paolo Cioccas, says *“I would like to commend the Isle of Man and the Nordic economies for the innovative multilateral approach they have taken to their negotiations. This has been very effective in facilitating the conclusion of seven agreements in a relatively short period of time.”*
The deal reportedly is the first of its kind between the Nordic countries and an international financial services centre, paving the way for further cooperation. The Isle of Man sees it supporting business opportunities in its international shipping and aviation sectors. *(See link below to download the various agreements)*
The package includes:
• Tax information exchange agreements based on the OECD (Organisation for Economic co-operation and Development) model of exchange of information on request on a case by case basis.
• Shipping and aircraft taxation agreements ensuring that a relevant business based in the Isle of Man will not be taxed in the Nordic countries so long as it is conducting international trade.