Isle Of Man News
EU Confirms Isle of Man’s Corporate Tax Regime Is Compliant
On 19 December 2011, the EU’s Economic and Financial Affairs Council (ECOFIN) confirmed that the Island’s 0/10 corporate tax system is compliant with the EU Code of Conduct for Business Taxation (Code of Conduct). The news comes following the announced abolition of the attribution regime for individuals (ARI) to take effect for accounting periods commencing after 6 April 2012. Read more
Isle of Man TIEAs with Canada and Portugal now in force
The Isle of Man’s Tax Information Exchange Agreements with Canada and Portugal are now in force. The negotiation, signing and ratification of TIEAs demonstrates the Isle of Man’s commitment to meeting agreed international standards and to the principles of co-operation between countries, transparency and effective exchange of information in tax matters.
Isle of Man Double Tax Agreement with France comes into force
The Isle of Man’s agreement with France for the avoidance of double taxation with respect to enterprises operating ships or aircraft in international traffic entered into force on 14 January 2012. For further information please click here.
Isle of Man’s Growing Importance for Chinese International Business and HNWIs
Following a recent visit to China by an Isle of Man delegation consisting of representatives of Government and the private sector, the Isle of Man Government is confident that the Isle of Man can continue to attract Chinese business and expand the working relationship between the two countries. For more information on what the Isle of Man can offer Chinese business and HNWIs, read here.
City Mayor highlights Isle of Man contribution to UK economy
The role played by the Isle of Man in supporting the creation of jobs and growth in the UK economy has been praised by the Lord Mayor of the City of London. Paying his first visit to the Island, Alderman David Wootton spoke of the Island’s importance as a provider of liquidity to the wider British economy, especially through the City itself. ‘That liquidity will make a major contribution in supporting business in the UK and abroad – and creating jobs and growth’, said the Lord Mayor when he delivered the Chief Minister’s International Lecture at the Sefton Hotel in Douglas on 26 January 2012. Alderman Wootton told guests from the business community that the Isle of Man exemplified just how diverse and dynamic small economies could be, that diversity being founded on the success of the financial and professional services sectors. He said the Island and the City had a ‘longstanding and much valued partnership’. For more information, read here.
Dispute Resolution Update
Enforcement of Foreign Judgments in the Isle of Man
As the Isle of Man’s reputation as a leading centre for international finance and trade continues to grow, more and more companies registered in the Island are being used in cross-jurisdictional and often complex transactions. This has led to an increase in the number of foreign judgments being enforced in the Island. With this in mind, DQ has produced an updated Guide to the Enforcement of Foreign Judgments in the Isle of Man. The guide provides general information on the Isle of Man as a litigation forum and outlines the various ways in which judgments may be enforced. To read the guide, please click here.
Offshore Trust Update
Isle of Man launches Foundations
With effect from the first of this month, foundations can be created in the Isle of Man. This versatile entity can be used for many commercial, charitable and private purposes. DQ is pleased to provide a guide to foundations, including explanation of terminology and the uses, administration and continuance of foundations in the Isle of Man. Please click here to access our Foundations Guide and learn more about this new legislation.
Employment Law Update
DQ Employment Training – Managing Disciplinary and Grievance Issues
Are your directors and senior managers confident of the correct procedure to follow when dealing with internal staff disciplinary and grievance issues? Are they happy that they have sufficient knowledge not to open the door to potential claims based on mistakes made in the process used? If not, help is available. DQ’s top ranked specialist employment team now offers in house training sessions to guide your senior management through best practice and the pitfalls to avoid. If you think that your firm would benefit from some training, click here.