IoM Legislates To BEPS-Proof Its Treaties
by Amanda Banks, Lowtax.net, London
30 October, 2017
The Isle of Man's parliament, the Tynwald, has approved a law to introduce changes to its tax treaties via the OECD's Multilateral Convention to Implement Tax Treaty Related Measures.
BEPS refers to tax avoidance strategies by multinational companies that exploit gaps and mismatches in tax rules to artificially shift profits between jurisdictions in order to minimize tax liabilities.
The instrument was signed by the Isle of Man in June this year at a ceremony in Paris at which nearly 70 jurisdictions committed to preventing tax treaty abuse.
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