A TAX information exchange agreement (TIEA) between the Isle of Man and Poland will come into force on November 27.

The Island has also signed two double taxation agreements with Poland - one for the avoidance of double taxation with respect to enterprises operating ships or aircraft in international traffic and the other for the avoidance of double taxation with respect to certain income of individuals - both of which came into force on October 28.

The Treasury department of the Isle of Man Government said the negotiation, signing and ratification of tax agreements demonstrates the Isle of Man's commitment to meet agreed international standards.

The approach has been endorsed in the Organisation for Economic Co-Operation and Development (OECD) report Tax Transparency: Report on Progress which was delivered to the G20 Cannes summit meeting on November 4.

The report says the Isle of Man is one of only eight reviewed jurisdictions found to have all elements of effective information exchange in place.