Cayman Islands and Ireland Sign TIEA
Published 23rd June 2009, 12:11pm
George Town, Grand Cayman – 23 June 2009 The Cayman Islands Government signed a Tax Information Exchange Agreement (TIEA) with Ireland at a ceremony held at the British Embassy today in Berlin. Signing the agreement on behalf of the Cayman Islands was the Leader of Government Business/Premier Designate and Minister for Financial Services, the Hon. McKeeva Bush, OBE, JP.
"The Cayman Islands is pleased to sign this agreement today with Ireland, marking another important step towards our ongoing commitment to international cooperation and OECD standards for transparency and exchange of information on tax matters. This signing will commemorate the beginning of what I am sure will be a highly productive and mutually-rewarding relationship between the Cayman Islands and Ireland," said Mr. Bush.
He added, "Our newly formed 'Negotiation Team' has worked tirelessly to secure technical agreements quickly. Our signing last week of a Double Taxation Agreement with the UK together with today’s signing is a direct result of their commitment and hard work. We look forward to continuing these efforts and I am confident that we will be on the OECD’s white list very soon."
The Cayman Islands delegation, which was led by Mr. Bush also included the Minister of District Administration, Works, and Gender Affairs the Hon. Julianna O' Connor-Conolly, JP; Chief Secretary the Hon. George McCarthy, OBE, JP; Financial Secretary the Hon. Kenneth Jefferson, JP; Chief Officer for Ministry of Financial Services Carson Ebanks, OBE, JP; Senior Assistant Secretary Michelle Bahadur; Senior Political Assistant Richard Parchment; Cayman Islands Monetary Authority General Counsel/Deputy Managing Director Langston Sibblies and Paul Byles.
Signing on behalf of the Irish Government, Martin Mansergh, TD, Minister of State at the Irish Department of Finance said, "We are very pleased to be here to sign this TIEA with the Cayman Islands. This is concrete evidence of the significant progress that has been made in recent months. Ireland welcomes the commitment of the Cayman Islands to implement the OECD standards of transparency and exchange of information in tax matters and their willingness to enter into tax information exchange agreements. The signing of this agreement represents a new chapter in relations between Ireland and the Cayman Islands."
The Cayman Islands now maintains ten bilateral tax information agreements with the following countries: United States, United Kingdom, Denmark, Faroe Islands, Finland, Greenland, Iceland, Ireland, Norway and Sweden.
Notes to the Editors
Tax Information Exchange Agreements and Double Taxation Agreements
A typical Tax Information Exchange Agreement (TIEA) only deals with the provision of information for tax purposes. A Double Taxation Agreement (DTA) will also deal with other taxation matters as well as having a component for the provision of tax information. In the nature of a DTA the "tax information" provision is less detailed to that of a TIEA but both types of agreement meet OECD standards on the provision of tax information. Both types of agreements should also be read in conjunction with the Cayman Islands domestic implementing legislation (the Tax Information Authority Law, 2005 (as amended)) to fully understand how the provisions operate.
For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at email@example.com.