Cayman government presses on with tax deals

(CNS): While the Cayman Islands remains under fire from various directions over the mismanagement of the economy or is opacity, it is forging on with Tax Information Exchange Agreements (TIEA) and is now far exceeding the OECD’s minimum standard. Cayman signed its 14th deal with the Netherlands Antilles on Thursday 29 October 2009 whilst attending the CFATF Plenary, held in Curacao. Negotiations have also been completed with a number of other countries which are expected to be in place before the end of 2009. Cayman is close to concluding agreements with Aruba, Australia, Canada, Germany, Italy and Mexico.

Negotiations are also currently ongoing with a further 10 jurisdictions --  Argentina, Belgium, China, Czech Republic, India, Japan, Korea, Portugal, Spain and South Africa.

This latest agreement, was signed on behalf of the Cayman Islands by Attorney General Samuel Bulgin, who was Cabinet’s authorised signatory. “This signing represents the Cayman Islands' continued commitment to OECD standards for transparency and exchange of information on tax matters,” Bulgin said. “ It will commemorate the beginning of what I am sure will be a mutually-rewarding relationship between the Cayman Islands and the Netherlands Antilles.”

The full details of the agreement and if it has been conducted with any mutual commercial benefits for the two territories. Leader of Government Business & Minister for Financial Services McKeeva Bush said Cayman was committed to effective implementation of the agreements and has in place all the necessary internal processes required for their legal implementation.