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Minister signs taxation agreement with India

The Isle of Man has signed a Tax Information Exchange Agreement, or TIEA, with India.

The ceremony took place in London at the end of last week, and involved Treasury Minister Anne Craine and Indian High Commissioner Mr Nalin Surie.

A Double Taxation Agreement was signed with Bahrain, the previous day.

The TIEA with India is the 19th signed by the Isle of Man with countries around the world, and the Island now has a total of 23 agreements that meet the international standards set by the Organisation for Economic Cooperation and Development (OECD) on tax cooperation and transparency.

After Friday's ceremony in London Mrs Craine said: 'The signing of this agreement is an important step in building closer relations between India and the Isle of Man.

'The TIEA with India is the second agreement the Island has signed this week that meets the OECD international standard on tax cooperation and transparency and is further evidence of the Isle of Man's continuing commitment to tax transparency and effective exchange of information.'

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