'An agreement which could significantly help the Island, both politically and by creating business opportunities' is how the Treasury Minister describes a deal struck with Estonia, which he is due to sign with the country's foreign minister this morning.

Allan Bell will put his signature to the double tax agreement in the capital,Tallin, at around 9am our time.

It's the 15th tax agreement for the Isle of Man and Mr Bell believes it's one of the most important.

He says it's more proof the Island is a well-regulated and cooperative jurisdiction, and will further help it throw off the 'tax haven' label.

He told Manx Radio:

"This is the first double tax agreement the Isle of Man has signed for over 50 years [and] we only have one other one, with the United Kingdom.

"It also includes a tax information exchange agreement, alongside that.

"So that takes us up to 15, which leaves us even further ahead of the rest of the world, in the number of tax agreements that we've now signed.

"But the advantage of a double tax agreement is that this raises the bar still further, because it opens up new business opportunities.

"So this will be, not only helping us politically with the debate which is going on at the moment, but will be a major help to our business community as well.

"It sets the precedent now to enable us to negotaiate other similar agreements with other countries from now on."