TAX AGREEMENT WITH PORTUGAL COMES INTO FORCE

The Isle of Man’s Tax Information Exchange Agreement (TIEA) with Portugal will enter into force on 18 January 2012.

The agreement was signed in London on 9 July 2010 by Professor Sérgio Vasques, the Portuguese Secretary of State for Tax Affairs, and the then Treasury Minister, Anne Craine MHK.

The Isle of Man ratified the agreement at the October 2010 sitting of Tynwald, and the then Chief Minister, Tony Brown MHK, informed the government of Portugal that ratification had taken place.

The Portuguese Embassy in London has now confirmed that Portugal has completed its own ratification procedures.

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