4. The agreement also applies to all identical or essentially similar taxes levied after the date of the signing of the agreement, in addition to or in place of existing taxes. The competent authorities of the territories inform each other of any substantial changes made to their tax legislation. 2. The term “revenue receivables” used in this article refers to the amount of tax due of any kind and description collected for the territories or their political subdivisions or local authorities, provided that tax liable persons do not violate this agreement or any other instrument in which the territories are involved, as well as the interest, administrative penalties and collection or retention costs associated with this amount. 3. The 1955 agreement between the Isle of Man and the United Kingdom of Great Britain and Northern Ireland to avoid double taxation as amended ends with respect to the exemption from any tax that takes effect from the date on which this agreement takes effect for this tax, in accordance with paragraph 1 of this article, and ends at the last of these deadlines. This paragraph does not affect the corporation`s taxation on the profits on which the dividends are paid. (ii) other issues related to the exemption from double taxation, as the government considers appropriate, have been developed by the Isle of Man to develop a sophisticated financial services infrastructure. It had also built a reputation as a tax haven for many years. In 2001, an Irish commission reported that Irish banks held $4 billion in the Isle of Man on behalf of Irish residents, more than double the amount per capita held in the United Kingdom per capita.  In 2002, the governments of Ireland and the Isle of Man committed in 2002 to developing a tax treaty to address the problem of offshore banking and potential tax evasion.  In 2008, Ireland signed several tax agreements with the Isle of Man – the first such agreements that the Irish government had concluded with an international financial centre.
  These agreements have two general objectives: the provisions aim to eliminate the double taxation of income and profits generated in one territory and paid to residents of the other territory. This involves the distribution of the tax duties of each territory under its internal law, between the same income and profits and/or the exemption from double taxation. There are also specific measures that combat discriminatory tax treatment and provide assistance with the application of international tax.