The UK Chancellor has hailed a new tax deal with the Isle of Man as a 'momentous step forward in tax transparency'.
On a visit to Washington last week George Osborne announced that the Island had become the first to sign up to a FATCA sharing arrangement with the UK.It means that tax information will be shared automatically from 2016.
Mr Osborne says it shows that when the two nations work together it is possible to push the international agenda forward.
Chief Minister Allan Bell believes the business community on the Island will welcome the announcement:
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