THE Isle of Man has continued its programme of developing closer economic and taxation co-operation with other countries by signing a Tax Information Exchange Agreement (TIEA) with the Portuguese Republic.

This agreement is the 16th TIEA the Isle of Man has signed, and the 19th agreement that meets the OECD international standard on tax co-operation and transparency.

The signing ceremony took place at the Portuguese Embassy in London, England, between Anne Craine MHK, the Isle of Man’s treasury minister, and Professor Sérgio Vasques, the Portuguese secretary of state for tax affairs.

Mrs Craine said: "The signing of the Isle of Man’s 16th TIEA, coupled with Tynwald’s recent endorsement of the Island’s move to fully automatic exchange of information under the EU Savings Directive in July 2011, is further evidence of the Isle of Man’s strong ongoing commitment to tax co-operation and transparency and to working closely with its European partners.

“Effective co-operation based on agreed international standards underpins the Island’s reputation as a leading international business centre.

"As a result, we are constantly working to extend our network of agreements and are at advanced stages of negotiation with several other countries."

Professor Sérgio Vasques, the Portuguese secretary of state for tax affairs, Isle of Man Treasury Minister Anne Craine MHK and Portuguese ambassador Antonio Santana Carlos