The Isle of Man has signed a Tax Information Exchange Agreement (TIEA) with France, marking its twelfth agreement with an OECD member country.
The island has signed a total of 14 TIEAs, which deliver the OECD's agreed international standard on tax transparency and exchange of information. The Isle of Man was recognised by the OECD as a "committed jurisdiction" in 2001.
Allan Bell, Isle of Man's Treasury minister and the French secretary of state for the budget public accounts and civil service Eric Woerth signed the agreement at a ceremony in Douglas.
Also signed was an agreement for the avoidance of double taxation with respect to enterprises operating ships in international traffic. This builds on the Isle of Man's network of shipping taxation agreements.
Bell says the 14th TIEA is " a significant milestone" in the island's tax cooperation.
"For nine years the Isle of Man Government has been dedicated to achieving OECD standards, and this latest TIEA is part of our continuing work and mutual co-operation with not only France, but all other countries we have agreements with," he says.
"In addition to our agreement with France and the recent one with Germany, we are at advanced stages of negotiation with several other countries and will continue to strive for effective co-operation based on agreed international standards by developing, signing and ratifying further TIEAs," adds Bell.
Texts of the agreements are available at: http://www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml.
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