The Government of the Isle of Man has announced that the Agreement Between the Government of the Isle of Man and the Government of the British Virgin Islands for the Exchange of information Relating to Tax Matters (Hereafter: the TIEA) will enter into force on October 9, 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), the Automatic Exchange of Information (Article 8) and the Spontaneous Exchange of information (Article 9).
The fact that the TIEA will enter into force on October 9, 2016, means that based on Article 13, Paragraph 2 of the TIEA the provisions of the TIEA have effect:
a) with respect to criminal tax matters on October 9, 2016; and
b) with respect to automatically transmitting information under Article 8 for periods beginning on or after 1 January 2016; and
c) with respect to all other 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 British Virgin 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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