Cayman signs deal with India over tax exchange info

(CNS): The Cayman Islands has signed a Tax Information Exchange Agreement (TIEA) with one of the world’s fastest growing economies continuing with the current government’s goal to sign agreements in order to demonstrate its willingness to meet OECD requirements and silence international critics. The country’s twenty-second tax deal was signed with India on Monday in George Town. Following the signing ceremony the premier said the Cayman government had a strong working relationship with its Indian counterparts and looked forward to implementing the terms of this TIEA.

Signing the agreement on behalf of India was its high commissioner to The Bahamas, the Cayman Islands and Jamaica, Mohinder S Grover.

”Both countries are members of the OECD Global Forum Global Forum on Transparency and Exchange of Information for Tax Purposes, and are involved in the Peer Review Process; therefore ensuring the effective implementation of the international standards of transparency and exchange of information for tax purposes,” Mckeeva Bush added.

Speaking on behalf of the Cayman Islands International Tax Cooperation Team, George McCarthy said the agreement will continue to enhance the business relationship between the two countries.

“The TIEA will provide a common ground upon which the Cayman Islands and India can exercise mutual cooperation and focus on increasing investment funds business in the Cayman Islands,” he added.
The Cayman-India TIEA outlines procedures and channels through which authorities in the respective jurisdictions can request such information, which will provide additional commercial certainty to clients of both jurisdictions.