background image
Finland Approves Pending Protocols to Three Tax Agreements with the Isle of Man — Orbitax Tax News & Alerts

On 22 March 2022, the Finnish parliament approved the ratification of the pending protocols to three tax agreements with the Isle of Man, including the protocols to:

  • the 2007 tax treaty for individuals;
  • the 2007 agreement on Mutual Agreement Procedures; and
  • the 2007 shipping and air transport agreement.

The protocols were signed on 3 July 2020 by the Isle of Man and 15 June 2020 by Finland. They are the first to amend the agreements and include updates based on the OECD BEPS standards, including new preambles and entitlement to benefits provisions. The protocols will enter into force 30 days after the ratification instruments are exchanged and will generally apply from 1 January of the year following their entry into force, although the protocol to the tax treaty for individuals will apply in the Isle of Man from 6 April of the year following its entry into force.