Mexico and the Isle of Man have signed a Tax Information Exchange Agreement (TIEA), which meets international standards on tax co-operation and transparency set by the Organization for Economic Co-operation and Development (OECD).
Signed in their respective capital cities by Mexico's Minister of Finance and Public Credit, Ernesto Javier Cordero Arroyo, on March 18, and by Anne Craine, the Manx Treasury Minister, on April 11, the treaty was exchanged by post. It is the 25th agreement signed by the Isle of Man to comply with the OECD's standards. It is to provide for the exchange of relevant information pertaining to the determination, assessment, recovery and collection of tax, and to prosecution in tax matters. In Mexico, federal income tax, business flat rate tax and VAT will be subject to the agreement; in the Isle of Man, the agreement will apply to income and profit taxation. The treaty now awaits ratification.
Commenting on the TIEA, Craine said: "The signing of this agreement is an important step in building closer relations between Mexico and the Isle of Man. Mexico is an OECD member and G20 country, so this is a significant addition to the Isle of Man's network of international tax agreements. By continuing to expand our network of agreements we demonstrate the Isle of Man's commitment to tax transparency and effective exchange of information".
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Signed in their respective capital cities by Mexico's Minister of Finance and Public Credit, Ernesto Javier Cordero Arroyo, on March 18, and by Anne Craine, the Manx Treasury Minister, on April 11, the treaty was exchanged by post. It is the 25th agreement signed by the Isle of Man to comply with the OECD's standards. It is to provide for the exchange of relevant information pertaining to the determination, assessment, recovery and collection of tax, and to prosecution in tax matters. In Mexico, federal income tax, business flat rate tax and VAT will be subject to the agreement; in the Isle of Man, the agreement will apply to income and profit taxation. The treaty now awaits ratification.
Commenting on the TIEA, Craine said: "The signing of this agreement is an important step in building closer relations between Mexico and the Isle of Man. Mexico is an OECD member and G20 country, so this is a significant addition to the Isle of Man's network of international tax agreements. By continuing to expand our network of agreements we demonstrate the Isle of Man's commitment to tax transparency and effective exchange of information".
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
