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In a media release issued on 30 January 2009, the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Chris Bowen, announced the signing of a Tax Information Exchange Agreement (TIEA) and an agreement for the allocation of taxing rights over certain income of individuals between Australia and the Isle of Man.

"This TIEA will provide for exchange of information (EOI), on request, for both civil and criminal tax matters, and demonstrates Australia's ongoing commitment to implementing Organisation for Economic Cooperation and Development (OECD) standards of transparency and effective EOI for tax purposes," Mr Bowen said. "This is the fifth TIEA signed by Australia, and Australia welcomes the Isle of Man's constructive engagement in this area."

The Agreements will enter into force after Australia and the Isle of Man have advised that they have completed their domestic requirements.  Legislation for this purpose will be introduced into the Australian Parliament as soon as practicable.

For a copy of the Assistant Treasurer's media release, No 2009/003, 30 January 2009, go here.

For a copy of the Agreements, go here.

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