The two countries also signed a joint declaration that states the intention to conclude an agreement for the allocation of taxing rights over certain income of individuals and to establish a mutual agreement procedure in connection with the adjustment of profits of associated enterprises. They further intend to integrate such an agreement with the TIEA into a comprehensive double taxation agreement (DTA) in due course.
The full news release can be viewed on the Income Tax Division’s website at:
http://www.gov.im/treasury/incometax/allnews.gov