The Isle of Man has signed a tax information exchange agreement (TIEA) with the Kingdom of Swaziland to strengthen ties between both the countries.

The agreement was signed between Eddie Teare MHK, the Isle of Man’s Treasury Minister and Senator Martin Dlamini, Swaziland’s Minister for Finance.

With this latest deal, the Isle of Man now has TIEA agreements with 42 countries that meet the OECD international standard on tax co-operation and transparency.

The agreement allows for the exchange of information for tax purposes upon request between the two countries.

The agreement demonstrates the island’s continuing support to the OECD’s Global Forum commitment to sharing expertise and best practice on tax transparency and information exchange with developing nations.

Teare said: "The signing of this agreement is an important step in building closer relations between Swaziland and the Isle of Man. Swaziland is a Member of the Southern African Development Community (SADC) and this is the fourth agreement the Island has signed with a SADC Member."