New relationship with Mediterranean Island

The Isle of Man has signed a double taxation agreement with Malta.

The signing ceremony took place at Malta’s High Commission in London between Allan Bell MHK, the Isle of Man's Treasury Minister, and HE Joseph Zammit Tabona, Malta's high commissioner to the United Kingdom.

It's the Island's 18th agreement which meets the OECD international tax standard on transparency and effective exchange of information.

Mr Bell said: "The signing of a double taxation agreement with Malta is a further milestone in the development of the Isle of Man's network of international tax cooperation agreements.

"We now have double taxation agreements with three European Union member states in addition to the UK.

"We are continuing energetically to play an active role in the field of tax cooperation, which strengthens our standing as an international business centre.

"This agreement represents the commencement of a new political, economic and cultural relationship between Malta and the Isle of Man, which, I am sure, can only develop further in the future."