The treasury minister has hailed a new taxation information agreement with Germany as possibly the most important the Isle of Man has ever put its name to.

Allan Bell was in Berlin yesterday signing the tax information exchange deal with the German government, which is the 13th such agreement for the Island.

Mr Bell says signing agreements with other nations means the Island can hold its head up as a well-regulated and cooperative jurisdiction, helping it throw off the "tax haven" label.

But this one brings many other benefits, as he explained:

"It also enables us to establish a good dialogue now with Germany which traditionally has been very hawkish and hostile to small countries like the Isle of Man, particularly bearing in mind the problems it's got with Lichtenstein, and Switzerland as well.

"We've now established a good relationship with Germany and if that bears fruit, as I hope it will in the time ahead, we now have turned what was potentially an enemy into an ally."