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Isle Of Man In Search Of Double Tax Agreements - India Is A Prime Target

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The Isle of Man's Tax Doctor has revealed, in a seminar earlier this evening, that a potential priority is for the IOM to begin direct discussions for Double Tax Agreements, and for example with the Indian Government - probably for an agreement along the lines of that existing between India and Singapore and this which would help further with the IOM being a jurisdiction of choice for companies wishing to list on the London AIM stock exchange.

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Tax treaties are the way to go IMO, but what does this really mean? The ususal form of tax treaty is that two countries will agree that if an entity is taxable in both, the tax paid in the secondary country will be offest against the tax payable to the primary tax body. This doesn't really help very much if we have zero corporate tax.

 

What I understand them to mean in our current context is an information sharing arrangement or each state will recognise ownership of assets within that country by entities registered in the other country and not seek to interfere with that ownership. In other words, if the IOM had such a treaty with, say, Outer Mongolia, a Manx company could own assets within Outer Mongolia and the Outer Mongolian government would recognise that ownership as legitimate and not attempt to seize them for whatever reason; really a step to prevent state confiscation of foreign (specifically IOM) owned assets.

 

Something of a USP for IOM companies, methinks.

 

However, Spock, you were apparently at the seminar so could enlighten us more.

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Copycat Copycat Copycat yawn yawn yawn.....

 

you'd done so well, for so long, why start again?

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I wonder, in view of Brexit is Treasury/DfE planning on agreeing further DTTs'?

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On 1/24/2008 at 12:27 PM, ballaughbiker said:

India? How about some european countries first?

What would be the point of making that a priority?

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On ‎3‎/‎13‎/‎2019 at 10:47 AM, Andy Onchan said:

I wonder, in view of Brexit is Treasury/DfE planning on agreeing further DTTs'?

Who do you suggest? We already have loads https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/international-agreements/all-agreements/

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