The agreement is the fourteenth TIEA the offshore centre has signed, the twelfth with member countries of the Paris-based Organisation for Economic Co-operation and Development, including Australia, Germany, Holland, the UK, Ireland and the Scandinavian countries

TIEAs aim to deliver the OECD's agreed international standard on tax transparency and exchange of information. The Isle of Man was recognised by the OECD as a “committed jurisdiction” in 2001.

An Isle of Man minister said: “In addition to our agreement with France and the recent one with Germany, we are at advanced stages of negotiation with several other countries and will continue to strive for effective co-operation based on agreed international standards by developing, signing and ratifying further TIEAs.”