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News and Articles

February 2013

Isle of Man Budget reveals developments on FATCA negotiations

20.02.13

The Isle of Man continues to be at the forefront of developments in international tax compliance, transparency and exchange of information.

In furtherance of this strategy, the Isle of Man has confirmed its intention to enter into an Inter Governmental Agreement with the United States, under which the Island’s compliance with the US FATCA regulations will be achieved and regulated. This agreement expected to be in place before the IRS commences its registration process for foreign financial intermediaries during the autumn of 2013.

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January 2013

Isle of Man signs Tax Co-operation Agreements with Jersey and Guernsey

24.01.13

As part of the Isle of Man Government's ongoing programme of signing Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs), Treasury Minister Eddie Teare MHK signed DTAs with Jersey and Guernsey on 24th January 2013.

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November 2012

Manx Business Jets Spared From APD

22.11.12

The Isle of Man's Treasury Minister, Eddie Teare, has confirmed that the island will not be following the United Kingdom's decision to subject business jets to Air Passenger Duty (APD). This is the first time, since 1994, when APD was first introduced, that the Isle of Man has chosen not to maintain an equivalent regime to that in place in the United Kingdom.

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Delegation from Cayman National to Middle East Business Aviation 11-13 December 2012

22.11.12

MEBA is firmly established as a key event on the business aviation calendar.
The next event will be held at Dubai’s Al Maktoum International Airport – Dubai World Central between the 11-13 December 2012.

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August 2012

Isle of Man Aircraft Registry voted ‘best in the world’

22.08.12

A survey of leading aviation lawyers from around the world, conducted by leading aviation publication ‘Corporate Jet Investor’, has voted the Isle of Man Aircraft Registry the best aircraft registry in the world.

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February 2012

EU Approval on Zero/Ten

01.02.12

The Isle of Man's corporate tax regime was approved by the EU's Council of Economic and Financial Affairs (ECOFIN) in Brussels on 19 December 2011.

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January 2012

New Horizons for Cayman National

31.01.12

Cayman National Isle of Man's new Aircraft and Yachting services are covered in a recent local media publication.

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Agreement signed with Dubai to boost economic ties

31.01.12

The Isle of Man and Dubai Departments of Economic Development have announced the signing of a Memorandum of Understanding (MoU) aimed at promoting closer business, economic and trade relations between the two countries.

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Cayman National attends London Boat Show

11.01.12

A team from Cayman National will be attending the 2012 Tullet Prebon London Boat Show.

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November 2011

3rd Annual Aviation Asset Management Conference in the Middle East

09.11.11

Cayman National are sponsoring the 3rd Annual Aviation Asset Management Conference in the Middle East to be held on the 10th November 2011 at the Novotel World Trade Centre in Dubai

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July 2011

Implications for US Tax payers and Foreign Financial Institutions under FATCA

26.07.11

The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore accounts.

Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

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The Irish Income Levy and Its Interaction with the Tax Co-operation Agreements Between the Isle of Man and Ireland

26.07.11

The governments of the Isle of Man and Ireland have agreed on the interaction between the Irish income levy and the tax co-operation agreements in force between the Isle of Man and Ireland.

Both governments have agreed that the income levy is a substantially similar tax, within the meaning of Article 2(2) of the Agreement between the Isle of Man and Ireland for the Exchange of Information Relating to Tax Matters and its Protocol, to the income tax covered in Article 2(1)(b)(i) of the same Agreement. The income levy is therefore a tax covered by the above Agreement from the date of its coming into effect in Ireland on 1 January 2009.

It has also been agreed that the income levy exemption which is provided for under the domestic law of Ireland in certain circumstances is extended to residents of the Isle of Man where appropriate with effect from 1 January 2009.

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