The agreement with Qatar is the fifth of its type to be negotiated by the Isle of Man, but the 30th agreement to include tax information exchange provisions.
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Eddie Teare MHK, the Isle of Man’s treasury minister, and Moftah Jassim Al Moftah, Qatar’s director of public revenues and taxes signed the agreement in a ceremony that took place on 6 May 2012 in Qatar.
Following the signing of the agreement, The Isle of Man said its department of economic development already has plans for a high level delegation to visit Qatar to follow up on the opportunities the DTA creates.
The DTA agreement seeks to address taxation issues arising in relation to the flow of business and any movement of people between the Isle of Man and Qatar.
Further, it will follow the model text published by the OECD.
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By GlobalDataThe agreement also establishes a beneficial legal framework for entities from both countries to undertake cross-border trade and investment, by allocating the two countries’ taxing rights, to ensure an entity’s income is not taxed twice.
The agreement limits withholding tax on dividends and interest to 0%, and on royalties to 5%.
