ISLE OF MAN SIGNS NEW DOUBLE TAXATION AGREEMENT WITH QATAR

The Isle of Man has signed a comprehensive double taxation agreement (DTA) with Qatar.

The signing ceremony took place on Sunday 6 May 2012 in Qatar between Eddie Teare MHK, the Isle of Man’s Treasury Minister, and Mr Moftah Jassim Al Moftah, Qatar’s Director of Public Revenues and Taxes.

Minister Teare said:

“I was delighted to be invited to Qatar for the signing of this, the Isle of Man’s 30th agreement which meets the OECD international tax standard on transparency and effective exchange of information. This agreement represents the start of a new phase in relations between Qatar and the Isle of Man and I expect it to lead to the development of new business and investment opportunities for both countries.”

The Department of Economic Development already has plans for a high level delegation to visit Qatar to follow up on the opportunities the DTA creates.

The DTA will comprehensively address taxation issues arising in relation to the flow of business and any movement of people between the Isle of Man and Qatar, and closely follows the model text published by the OECD.

The full text of the news release issued today can be viewed here and the text of the agreement is available here.