THE Isle of Man has signed a comprehensive double taxation agreement with Bahrain.

The agreement and a memorandum of understanding on economic, trade and technical co-operation (MOU) were signed today in Bahrain by the Island's Treasury Minister.

Anne Craine MHK joined Bahrain's Minister of Finance H.E Shaikh Ahmed bin Mohammed Al-Khalifa for the signing ceremony.

She 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 double taxation agreement will address taxation issues arising in relation to the flow of business and any movement of people between the Isle of Man and Bahrain. It closely follows the model text published by the Organisation for Economic Cooperation and Development (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 agreement can be viewed by clicking here.