Isle of Man to join Multilateral Convention
The Isle of Man Government have confirmed its commitment to join the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which has been jointly developed by the OECD and the Council of Europe. The Isle of Man has been interested in joining the Convention for some time andhad given its commitment to do so prior to the G8 Summit in June this year.
The Isle of Man will be asking the United Kingdom Government to extend the application of the Convention to the Isle of Man and it is expected, pending the Manx Parliament approving enabling legislation, that the Convention should be applied in the Island from the beginning of next year.
The Chief Minister of the Isle of Man commented:
‘The Isle of Man has led the way in building an extensive network of bilateral tax information exchange agreements around the world, so joining the Multilateral Convention is a logical step for us. The Convention makes it easier for developing countries to benefit from tax information exchange, and as a responsible international business centre it is important that we support this significant global instrument.’