News and Articles
The Isle of Man's Double Taxation Agreement with the Republic of Singapore came into force on 2nd May, 2013.
The Isle of Man Government has given an update on a number of taxation and regulatory matters in the light of international developments which are progressing ahead of the forthcoming G8 Summit. The UK Prime Minister David Cameron will be hosting this year's meeting of world leaders on 17 and 18 June which will be held in Northern Ireland.
Among the topics expected to be on the Summit agenda is the initiative announced by the United Kingdom, France, Germany, Italy and Spain on 9 April 2013 for developing and piloting a form of multilateral tax information exchange based on the model FATCA intergovernmental agreement which they developed with the USA. Further European Union member countries have said that they will join the pilot.
Legislation changes have been approved by the Isle of Man Government allowing the Isle of Man Ship Registry to register vessels with ownership structures in Monaco or Switzerland
The Isle of Man Government signed a Tax Information Exchange Agreement (TIEA) with Argentina during a ceremony held in London on 14 December 2012. .
Cayman National was proud to be one of the sponsors for the event which was held on 11th April 2013, at Tallinn Airport in Estonia. It was attended by Graham Sowrey, Senior Aviation and Yaching Officer, and Anita Gould-Davies , Business Development Manager from the Cayman National office.
On the 8th April, 2013, the Isle of Man Government signed a comprehensive DTA with Luxembourg.
The Department of Economic Development has outlined Government's strategy to further develop and diversify the Isle of Man's economy over the coming year. Details of the Department's key objectives and priorities have been published in a new 17 page document entitled 'Discover the Agenda for Change in Our Economy'.
The Isle of Man Department of Economic Development has brought forward the first item in an ambitious programme of intellectual property legislation to Tynwald.
H M Revenue and Customs(HMRC) recently agreed on a landmark agreement with the Isle of Man Government referred to as the 'Isle of Man disclosure facility' (IOMDF) designed to identify persons with undisclosed UK tax liabilities.
Treasury Minister, Eddie Teare MHK, has revealed that there were no plans to change the current personal allowances and thresholds. This move was also extended to the maximum income tax liability, the 'annual tax cap' which is to remain at £120,000 for the tax year 2013/14.
The Isle of Man continues to be at the forefront of developments in international tax compliance, transparency and exchange of information.
In furtherance of this strategy, the Isle of Man has confirmed its intention to enter into an Inter Governmental Agreement with the United States, under which the Island’s compliance with the US FATCA regulations will be achieved and regulated. This agreement expected to be in place before the IRS commences its registration process for foreign financial intermediaries during the autumn of 2013.
As part of the Isle of Man Government's ongoing programme of signing Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs), Treasury Minister Eddie Teare MHK signed DTAs with Jersey and Guernsey on 24th January 2013.