The Income Tax Division of Isle of Man has published detailed guidance on mutual agreement procedure (MAP) framework under tax treaties.
The guidance, published on December 18, contains key information on who can request MAP, when can MAP be initiated, how to make a MAP request, and what to include in a MAP request.
The guidance notes that Isle of Man Competent Authority aims to conclude MAP requests within two years of them being initiated. Many may be resolved in a much shorter timeframe.
A taxpayer can withdraw a MAP request made to the Isle of Man Competent Authority at any time.
Isle of Man’s existing tax treaties with at least 12 foreign tax jurisdictions include provisions to initiate MAP.