Nine signed up with IoM
NINE countries have now signed Tax Information Agreements with the Isle of Man. The US was the first to do so in 2002, followed by the Netherlands in 2005 and Sweden, Norway, Iceland, Greenland, the Faroe Islands, Denmark and Finland last month.
NINE countries have now signed Tax Information Agreements with the Isle of Man. The US was the first to do so in 2002, followed by the Netherlands in 2005 and Sweden, Norway, Iceland, Greenland, the Faroe Islands, Denmark and Finland last month. Tax Assessor Malcolm Crouch is quoted by IOM Today as saying that the Treasury is 'close' to another four such agreements which, he says, is strengthening the island's international reputation.
While TIEAs are important in avoiding double taxation and allowing exchange of specific tax information, Mr Crouch says that they are also the first step to further and stronger international agreements, particularly double taxation agreements.
The goal would be to reach a strong enough position to approach negotiations requesting a DTA from the outset, he said.
TELECOMS companies from around the world attended the 15th Telecom Operators of Small States Forum in the Isle of Man.
More than 35 delegates from countries such as Malta, Luxembourg, Cabo Verde and Guyana discussed issues and strategies relevant to telecommunications operators in jurisdictions with a population of two million or less, including legal burdens on small operators working under EU directives, the question of whether regulation always means lower prices, core competencies and future industry trends.
The Forum for Telecom Operators of Small States is an initiative of Maltacom plc and Iceland Telecom Ltd and has been meeting twice a year since it was established in 2000.
IOM Today said that Go Malta chief executive David Kay told the Forum that customers were demanding more from their small operators worldwide who have to adopt next generation technology, with competition and restructuring as key ingredients. All telecommunication companies are affected by these changes, but they present riskier and more complex challenges for small operators, he said.
EXPERTS in the Cayman Islands are concerned about the impact of rising oil prices on cruise ship operators. Cayman Net News says that the world's biggest cruise ship operator, Carnival Corp, has just become the first major cruise company to impose a fuel surcharge of US$5 per day to help them cope with the soaring cost of fuel. The surcharge will be applied to fares for cruises starting after 1 February 2008.
THE Isle of Man's new funds regime is being credited with attracting business to the island, with two new fund managers announcing moves in as many weeks, according to IOM Today.
Bridge Asset Management and Pelham Capital Management have both announced they will establish fund management firms in the Isle of Man.
Isle of Man Finance director of foreign direct investment Brian Donegan said: 'The establishment of these high calibre organisations in the island is a testament to our new dynamic funds regime and a further indication of the success of the model developed from our recent strategic review of the sector.'
He believes the initiative will encourage more hedge fund managers to move to the island and that such growth will enable the industry to reach the targets of $50bn in funds under management and $100bn under administration by 2010 set by the Funds Review Group in March.
CREDIT rating body Moody's Investors Service has ranked the Cayman Islands higher than all other Caribbean islands, noting that the natural fundamentals are very strong in the Cayman Islands.
A new Enterprise Bill going through the House of Keys in the Isle of Man will update the structure of government financial assistance for local businesses.
Under the proposed law, eligible businesses must be based in the island, the assistance must be likely to encourage sustainable economic growth and the form and amount of assistance must be reasonable. Financial assistance can include a grant, loan or guarantee with technical assistance, such as the provision of training or consultants services.
The scheme is expected to start with a maximum of £100,000 assistance available to an individual business. This is the same as under the existing scheme.
CAYMAN PRIDE, an initiative by the Cayman Islands Ministry of Tourism to enhance the tourism sector, has been launched. Pride, an acronym for Personal Responsibility In Delivering Excellence, was developed with the assistance of the Freeman Group, a hospitality training company working in the Caribbean and North America. 'Cayman Pride is going to become a phrase which everyone in the Cayman Islands associates with service excellence. It is going to be something which every tourism business owner insists his or her employees be a part of, and it is going to be a way of life for all tourism team members in the years to come,' director of tourism, Pilar Bush said.
THE Gibraltar Chronicle has welcomed a political drive to legalise online gambling in the United States. The newspaper said that European officials used a summit at the White House to push the issue up the agenda in the transatlantic trade relationship. The hardline approach taken by the US has had a major impact on Gibraltar-based internet gaming companies, especially PartyGaming, which has dropped out of the US market altogether. Gaming chiefs have also been cautious about travelling, especially in the US, following random arrests of executives and a continuing threat to senior figures.
A reversal in the US position would mean a major boost to the industry in Gibraltar, the newspaper says.
