THE Isle of Man's Tax Information Exchange Agreement (TIEA) with Portugal will enter into force on January 18.

The agreement was signed London on July 9 in 2010 by Professor Sérgio Vasques, the Portuguese Secretary of State for tax affairs, and the then Treasury Minister Anne Craine.

The Isle of Man ratified the agreement at the October 2010 sitting of Tynwald and the then Chief Minister Tony Brown MHK informed the Portuguese Government that ratification had taken place.

The Portuguese Embassy in London has now confirmed that Portugal has completed its own ratification procedures.

To see the agreement in full visit the Income Tax Division website at www.gov.im/treasury/incometax.