Australia and IoM sign tax agreements

The countries settled a tax information exchange based on the Organisation for Economic Co-operation and Development (OECD) model. They also signed an agreement for the allocation of taxing rights over certain income of individuals as well as establishing a mutual agreement procedure in respect of transfer pricing adjustments. The Isle of Man has tax co-operation agreements with 12 countries, ten of which are members of the OECD. "It would be naïve in the current world economic climate not to be aware of the drive by many countries to raise the levels of transparency and co-operation ...