A TAX co-operation agreement between the Isle of Man and India came into force yesterday (Thursday).

The Island has now signed 24 agreements which meet the Organisation For Economic Co-Operation and Development (OECD) standards.

On February 4 the Isle of Man concluded the tax agreement with India and on February 9 the government of India confirmed it had completed its ratification procedures in relation to the agreement which concerns the exchange of information with respect to taxes between the Island and India.

Yesterday the Island's Chief Minister, Tony Brown MHK, informed the government of India that ratification of the agreement by the Isle of Man had taken place.

The government said the Island is committed to meeting agreed international standards and to the principles of co-operation between countries, transparency and effective exchange of information in tax matters.