MAP established between the Isle of Man and Australia
January 13, 2010
A mutual agreement procedure (MAP) for transfer pricing adjustments has been established between the Isle of Man and Australia.
The Isle of Man ratified the agreement on March 17 2009. Now, the Australian High Commission in London has confirmed that Australia has completed its own ratification procedures. As a consequence, the MAP became active on January 5 2010.
The MAP will allow designated representatives (the competent authorities) from the governments of both jurisdictions to interact with the intent to resolve international tax disputes. These conflicts involve cases of double taxation, as well as inconsistencies in the interpretation and application of a convention.
The Isle of Man government has signed a series of tax cooperation agreements which have helped to demonstrate the Island's commitment to international standards and to the global effort to establish a system based on cooperation between countries, transparency and effective exchange of information.
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