Salient features of the agreement with Isle of Man are:

- It is based on international standard of transparency and exchange of information.

- Information must be foreseeably relevant to the administration and enforcement of the domestic laws of the Contracting Parties concerning taxes covered by the agreement.

- The requesting State has to provide some minimum details about the information requested in order to justify the foreseeably relevance criteria.

- Information is to be treated as secret and can be disclosed to only specified person or authorities, which are tax authorities or the authorities concerned with the determination of tax appeal.

- It also provides for disclosure of information to any other person or entity or authority or any other jurisdiction with the written consent of the competent authority of the requested Party.

- There is a specific provision that the requested Party shall provide upon request the information even though that Party may not need such information for its own tax purposes.

- There is a specific provision for providing banking and ownership information.

- The Agreement also allows exchange of past information in criminal tax matters.