On 27 July 2009, the Isle of Man concluded two tax co-operation agreements with New Zealand.
The Isle of Man ratified the agreements at the October Tynwald, and on 2 November 2009 the Chief Minister, Tony Brown MHK, informed the government of New Zealand that ratification had taken place. The High Commission in London has now confirmed that New Zealand has completed its own ratification procedures, and as a consequence both of the agreements entered into force on 27 July 2010.
One agreement is for the exchange of information with respect to taxes; and the other is for the allocation of taxing rights with respect to certain income of individuals and to establish a mutual agreement procedure in respect of transfer pricing adjustments.
The Isle of Man is committed to meeting agreed international standards and to the principles of co-operation between countries, transparency and effective exchange of information in tax matters.
The texts of the New Zealand agreements can be viewed on the International Agreements page of the Income Tax Division's website at:
http://www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml.
Notes to editors:
As a leader in developing and complying with international tax standards and co-operation, the Isle of Man has signed 19 agreements which meet OECD standards. The Island will also move to automatic exchange of information within the EU, from 1 July 2011, in its application of the European Union Savings Directive.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
