Isle of Man Removed from Italian Blacklist

Isle of Man removed from Italian blacklist

On 1 April 2015 the Italian Ministry of Economy and Finance removed the Isle of Man from its blacklist. 

The new list implements provisions, announced in the Italian Budget for 2015, that jurisdictions that have exchange of information arrangements with Italy are excluded from its blacklist on the deductibility of costs. 

Since 2005 the Isle of Man and Italy have been exchanging information on savings income under arrangements that are equivalent to the European Union Directive on the Taxation of Savings Income and on 1 March 2014 exchange of information was enhanced when the OECD Convention on Mutual Administrative Assistance in Tax Matters entered into force in the Isle of Man.

The Island’s relationship with Italy will be further enhanced when the Tax Information Exchange Agreement (‘TIEA’) signed in September 2013 enters into force which is expected to be later this year; and again in 2017 when automatic exchange of information under the Common Reporting Standard begins.

The Treasury Minister welcomed the removal of the Isle of Man from the Italian blacklist, commenting:

“The Isle of Man welcomes the Italian Republic’s recognition of the Island’s longstanding commitment to transparency and exchange of information for tax purposes.”

The Treasury Minister added:

“The removal of the Isle of Man from the Italian blacklist follows a similar move by the Republic of Colombia in 2014, and will be welcome news for those on the Island doing business in Italy.”

UHY Strengthens Presence in Southeast Asia

New member firm in the Philippines joins the UHY network

Global accountancy network UHY extends its coverage within Southeast Asia by appointing M.L. Aguirre & Co, CPAs.

M.L. Aguirre & Co, CPAs, with a team of 50 including 2 partners and 25 CPAs, is based in Makati City, one of the 16 cities that make up Metro Manila. The firm provides audit, advisory, tax, insolvency and recovery services to a portfolio of local and international clients primarily export oriented, foreign funded, non-governmental organisations and SMEs.

Managing partner and founder, Michael Aguirre says: “We have joined the UHY network for a number of reasons. The global presence of the network combined with the expertise and knowledge of UHY’s colleagues around the world will support us in achieving our own firm’s mission and vision long-term. We look forward to collaborating with and assisting mutual clients by providing reliable and timely advice.”

Ladislav Hornan, chairman of UHY commented: “We are delighted M.L. Aguirre & Co, CPAs has joined the UHY network extending our coverage and capabilities in Southeast Asia. The launching of the Association of Southeast Asian Nations (ASEAN) Economic Community later this year could boost further growth in the Philippines, as major international firms look to rationalise their operations following the lowering of trade and employment barriers in the region. M.L. Aguirre & Co, CPAs’ admittance to the UHY network will bring strong regional market expertise, enhancing further our capabilities in this region.”

The firm will soon be adopting the UHY branding and languages spoken by the team are English, Filipino and some Chinese.

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UHY press contact: Dominique Maeremans, marketing & business development manager

UHY International, Quadrant House, 4 Thomas More Square, London E1W 1YW, UK

Tel: +44 20 7767 2621

Email: d.maeremans@uhy.com

Liaison office for M. L. Aguirre & Co, CPAs

Contact: Michael L. Aguirre, Managing Partner

Tel: +632 892-2568

Email: ask@mlaguirre.org

Website: www.mlaguirre.org