As part of the Isle of Man Government’s continuing commitment to meet international standards in tax co-operation and transparency, a Tax Information Exchange Agreement (TIEA) has been signed with Spain.

The agreement was signed by Mr Jose Manuel Gutierrez Delgado, Financial Counsellor of the Embassy of Spain to the UK, and Hon. Eddie Teare MHK, the Isle of Man’s Treasury Minister, at a ceremony held in London on 3 December 2015.

Minister Teare said,

“Spain is both a member of the European Union and the OECD and last year, like the Isle of Man, was one of the first countries to commit to sharing information in accordance with the OECD Common Reporting Standard.

The signing of this TIEA is another important step in building closer relations between our two countries and will lead to Spain removing the Isle of Man from a “tax haven blacklist” established under Spanish law in 2006. This recognition of our shared values and goals makes the TIEA a very significant addition to the Isle of Man’s network of international tax agreements.”

The text of the agreement can be viewed on the International Agreements page of the Isle of Man Treasury Income Tax Division’s website:

http://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/international-agreements/.