The Isle of Man (IoM) has signed a Tax Information Exchange Agreement (TIEA) with Argentina.

The TIEA was signed by Argentina's federal administrator, Ricardo Echegaray, and by Manx Treasury minister, Eddie Teare, on 14 December 2012.

It is the IoM's 27th TIEA and its 33rd agreement that meets the OECD international standard on tax co-operation and transparency.

Teare said: 'The signing of this agreement is an important step in building closer relations between Argentina and the Isle of Man. Argentina is a G20 country and a member of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, so this is a significant addition to the IoM network of international tax agreements.

'This agreement is the first between the IoM and a South American country and its addition to our expanding network of agreements demonstrates the IoM's commitment to international standards of tax transparency and effective exchange of information.'