The Isle of Man government has announced the signing of a comprehensive double taxation agreement (DTA) with Qatar.

The agreement was signed in Qatar on 6 May 2012 by the Isle of Man Treasury Minister, Eddie Teare and by Mr Moftah Jassim Al Moftah, Qatar's Director of Public Revenues and Taxes.

The DTA signed with Qatar is the Isle of Man's 5th dedicated DTA and the 30th agreement that meets the OECD international standard on tax cooperation and transparency.

Welcoming the signing, Minister Teare said: "I was delighted to be invited to Qatar for the signing of this, the Isle of Man's 30th agreement which meets the OECD international tax standard on transparency and effective exchange of information. This agreement represents the start of a new phase in relations between Qatar and the Isle of Man and I expect it to lead to the development of new business and investment opportunities for both countries."

The Department of Economic Development already has plans for a high level delegation to visit Qatar to follow up on the opportunities the DTA creates.

The DTA will comprehensively address taxation issues arising in relation to the flow of business and any movement of people between the Isle of Man and Qatar, and closely follows the model text published by the OECD.

The text of the agreement can be viewed here.

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