The north central European state of Estonia, was the destination for the Isle of Man's Treasury Minister, Allan Bell, to sign the latest double taxation agreement (DTA) to ease the way for international commerce.

A 'DTA' has become the benchmark agreement between individual sovereign countries to remove double tax obstacles to the development of good economic relations.

The signing ceremony took place in Estonia's capital, Tallinn, between Mr Bell and Urmas Paet, the Republic of Estonia's Minister of Foreign Affairs.

The agreement is based on the model drawn up by the OECD and signals the two countries' wish to develop bilateral economic relations.

The DTA will also act to prevent tax evasion and delivers the OECD's agreed international standard on tax transparency and exchange of information.

Stressing the importance of building a strong network of international business partners, Mr Bell said: 'The Isle of Man is a small, self-governing nation characterised by enterprise, innovation and an independent spirit. Each of these factors has contributed to the evolution of our thriving, diverse economy and our success as a centre for quality.'

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