The Tax Hub

The government of Norway has recently notified the Isle of Man that it has completed its ratification procedures adopting the four agreements between Norway and the Isle of Man. The agreements were signed on 30 October 2007 and include:

-		a first-time exchange of information agreement
-		an agreement on avoidance of double taxation with respect to individuals;
-		an agreement on avoidance of double taxation with respect to enterprises operating ships or aircrafts in international traffic; and
-		a mutual agreement procedures in connection with the adjustments of profits of associated enterprises.

The agreements will enter into force on 23 August 2008. For private prosecution cases, the agreements will be effective from the date of entry into force. For all other cases, the agreements will be effective from the fiscal year 2008.