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| Lowtax Network Sites |
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| IOM-Australia DTA Enters Into Force |
by Amanda Banks, Tax-News.com, London
Friday, January 08, 2010
The double tax convention signed between Australia and the Isle of Man on January
29, 2009, has entered into force.
The agreement encapsulates protocols for the exchange of tax information based
on the Organization for Economic Co-operation and Development’s model
treaty. The agreement also allocates the two governments’ taxing rights
over certain income of individuals, and establishes a mutual agreement
procedure in respect of transfer pricing adjustments.
The agreement entered into force on January 5, 2010, after the Australian side announced
the ratification of the agreement. The Isle of Man ratified the agreement back
in March 17, 2009.
The Manx government stated in relation to the entry into force of the DTA that:
"The negotiation, signing and ratification of tax co-operation agreements demonstrates
the Isle of Man’s commitment to international standards and the global
effort to establish a system based on co-operation between countries, transparency
and effective exchange of information in tax matters; all of which strengthen
financial stability."
On April 2, 2009, the OECD acknowledged the Isle of Man’s
quality in regulation and co-operation by placing it on the ‘white list’
of countries which have substantially implemented the internationally agreed
tax standard.
A comprehensive report in our Intelligence Report series,
examining in depth the situation of offshore transparency and secrecy in a number
of the most prominent jurisdictions, is available in the Lowtax Library at
http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report2.asp
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| THE LOWTAX LIBRARY
One of the web's largest and
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topical, daily news on worldwide
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Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
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