The Governments of Australia and the Isle of Man have signed an Agreement on the Exchange of Information with Respect to Taxes. The Agreement provides for exchange of information on request in both criminal and civil tax matters.
In addition, Australia and the Isle of Man have signed an Agreement for the Allocation of Taxing Rights with Respect to Certain Income of Individuals and to Establish a Mutual Agreement Procedure in Respect of Transfer Pricing Adjustments. This Agreement will allocate taxing rights over certain income derived by retirees, government employees and students and provide a mechanism to help resolve transfer pricing disputes.
The Agreements were signed by the Australian High Commissioner to the United Kingdom, His Excellency John Dauth LVO, and the Isle of Man’s Treasury Minister, Allan Bell MHK on 29 January 2009.