The Government of the Isle of Man has announced that on August 13, 2016 the Agreement Between the Government of the Isle of Man and the Government of the Cayman Islands for the Exchange of information Relating to Tax Matters (Hereafter: the TIEA) entered into force. The Protocol amending the TIEA entered into force on August 26, 2016.

 

The TIEA arranges for the exchange of information upon request (Article 5 of the TIEA), the possibilities to conduct tax examinations abroad (Article 6) and the Automatic Exchange of Information (Article 8).

 

Since the TIEA entered into force on August 13, 2016, Article 13 of the TIEA (as amended by the Protocol) arranges that the provisions of the TIEA shall have effect:

a)     with respect to criminal tax matters for taxable periods beginning on or after 1 September 2005, or where there is no taxable period, for all charges to tax arising on or after 1 September 2015;

b)     with respect to automatically transmitting information under Article 8 for periods beginning on or after 1 January 2016; and

c)     for all others matters covered in Article 1, for taxable periods beginning on or after 1 January 2016, or where there is no taxable period, for all charges to tax arising on or after 1 January 2016.

 

Click here to be forwarded to the Agreement Between the Government of the Isle of Man and the Government of the Cayman Islands for the Exchange of information Relating to Tax Matters as available on the website of the Government of the Isle of Man, which will open in a new window.

 

 

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