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IoM Signs IGA On FATCA With US

by Jason Gorringe, Lowtax.net, London
18 December, 2013

The Isle of Man signed an intergovernmental agreement (IGA) with the United States on the implementation of the Foreign Account Tax Compliance Act (FATCA) on December 13, 2013.

The island's Chief Minister, Alan Bell, signed a Model 1A agreement with US Ambassador Matthew Burzan at the US Embassy in London. Pursuant to the agreement companies in the British Crown Dependency will be required to report requested information directly to the Income Tax Division, which will forward it on to the US. The reciprocal exchange of information will begin in 2015.

This agreement follows an earlier one which the Isle of Man signed with the United Kingdom in October 2013 to extend the automatic disclosure of tax information.

Manx Treasury Minister Eddie Teare said: "The signing of this Model 1A agreement is important both domestically and internationally. I know many Isle of Man financial institutions have been waiting for this agreement and will welcome the certainty it provides. It will serve to enhance and strengthen business links between the Isle of Man and the US and further demonstrates the Island's commitment to transparency."

Jersey and Guernsey also signed FATCA IGAs with the US on December 13.

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