THE Isle of Man has signed two tax agreements with the Republic of Slovenia today.

Treasury Minister Anne Craine MHK met with the Slovenia ambassador, His Excellency Iztok Jarc, to complete the signing which took place in Douglas.

The two agreements that were signed are a Tax Information Exchange Agreement (TIEA) and an agreement for the Avoidance of Double Taxation with respect to individuals.

Minister Craine said: "I understand that the TIEA we signed today is Slovenia's first and I am delighted that we are able to welcome the ambassador to the Isle of Man for such a significant event. 

"Tax transparency and effective exchange of information are topics the Isle of Man takes very seriously as the recent report by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes shows. 

"Continuing to expand its network of tax agreements, particularly with its neighbours in the European Union, remains important to the Island."

Iztok Jarc will spend two days in the Island and has a number of meetings lined up including one with Tim Craine regarding the Island's space industry and one with the Minister of Economic Development, Allan Bell MHK, who will provide an overview of the Manx economy.

He will also have a tour of the Legislative Buildings, attend tomorrow's sitting of the House of Keys and will have a guided tour around Castle Rushen and Cregneash.

Speaking at the signing Minister Craine told the Slovenia ambassador that she had spent her honeymoon 33 years ago in Slovenia and added: "We are very very pleased to have you here and we offer you a warm welcome to our Island."

She presented the Slovenia ambassador with a commemorative plate to mark the signing and in turn he presented her with commemorative Slovenian Euro coins and a book detailing the history of Slovenia.

The TIEA is the Isle of Man's 24th TIEA and its 28th agreement that meets the OECD international standard on tax co-operation and transparency.