Page last updated at 09:17 GMT, Sunday, 25 October 2009

Treasury signs new tax agreement

Allan Bell
Mr Bell said the DTA was a further milestone for the island

The Isle of Man has signed another tax information agreement with an EU member state as part of continuing efforts to throw off its "tax haven" tag.

The double taxation agreement (DTA) with Malta was signed in a ceremony at Maltese High Commission in London.

Treasury Minister Allan Bell said the agreement would further strengthen the island's standing as a business centre.

DTAs are designed to protect firms or individuals from being taxed twice if their income is taxable in two states.

It is the 18th agreement with another state which meets the Organisation for Economic Co-operation and Development's (OECD) agreed international standard on tax transparency.

UK agreement

Mr Bell said the latest agreement was a "further milestone" in the island's ongoing commitment to international tax co-operation.

"This signing is further evidence that we will continue to forge relationships with countries as a good neighbour and as an economic partner," Mr Bell added.

As well as signing DTAs with Malta, Estonia and Belgium, the Isle of Man has tax information exchange agreements with 15 countries including the USA, France and the UK.

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