The Isle of Man has signed a comprehensive double taxation agreement (DTA) and a memorandum of understanding on economic, trade and technical co-operation (MOU) with Bahrain. The signing ceremony took place today (Thursday February 3, 2011) in Bahrain between Anne Craine MHK, the Isle of Man’s Treasury Minister, and H. E. Shaikh Ahmed bin Mohammed Al-Khalifa, Bahrain’s Minister of Finance. Minister Craine said, “I was delighted to be invited to Bahrain for the signing of these two important agreements. Bahrain is a key financial hub in the Middle East, and today’s agreements will greatly facilitate the development of business and investment opportunities between Bahrain and the Isle of Man.” The DTA will comprehensively address taxation issues arising in relation to the flow of business and any movement of people between the Isle of Man and Bahrain, and closely follows the model text published by the OECD. The MOU is a detailed declaration that the two governments intend to work closely together to facilitate the development of bilateral economic activity. The DTA is the Island's 22nd agreement which meets the OECD international tax standard on transparency and effective exchange of information. The text of the agreement can be viewed on the International Agreements page of the Isle of Man Treasury Income Tax Division’s website at: http://www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml - Ends -