Tax Agreement with The Turks & Caicos Islands enters into force

The Isle of Man Government’s Agreement for the Exchange of Information relating to Tax Matters with the Government of the Turks and Caicos Islands enters into force on 29 December 2016.

The Agreement was signed by His Excellency Peter Beckingham, Governor to the Turks and Caicos Islands, on 30 June 2016 and by the Isle of Man’s then Treasury Minister, Hon Eddie Teare, on 2 August 2016.

In October 2016 the Government of the Turks and Caicos Islands informed the Government of the Isle of Man that it had completed its ratification procedures. The Isle of Man ratified the agreement at the November 2016 sitting of Tynwald and the Isle of Man Government then informed the Government of the Turks and Caicos Islands that it had completed its own ratification procedures.

The agreement provides for all forms of exchange of information, including automatic exchange of information in accordance with the OECD’s Common Reporting Standard.