Cayman signs TIEA with Portugal
Published 14th May 2010, 9:30am
George Town, Grand Cayman - The Cayman Islands hosted representatives from Portugal on Thursday to sign a Tax Information Exchange Agreement (TIEA).
The agreement was signed on behalf of the Cayman Islands by the Premier, the Honourable McKeeva Bush, OBE JP, and by Professor Sérgio Vasques, Secretary of State for Tax Affairs, on behalf of Portugal.
In attendance at the signing ceremony was His Excellency the Governor, Mr Duncan Taylor CBE, members of the legislative assembly and senior officials from the Ministry of Finance and the Monetary Authority. Also attending were various private sector representatives including those from Portuguese institutions with operations in the Cayman Islands.
The Premier made the following remarks to attendees immediately following the signing:
Notes to Editors
Background on the Cayman Islands International Tax Cooperation Regime
- The Cayman Islands is on the Organisation for Economic Cooperation and Development (OECD) ‘white list’ of jurisdictions that substantially implement international tax standards and has 17 bilateral arrangements with the following countries for the provision of tax information: Aruba, Australia, Denmark, Faroe Islands, Finland, France, Greenland, Iceland, Ireland, the Netherlands, Netherlands Antilles, New Zealand, Norway, Portugal, Sweden, the United States and the United Kingdom. Copies of the agreements can be found via the following link: www.tia.gov.ky/html/arrangements.htm.
- The Cayman Islands has been an active participant in the OECD Global Forum on Taxation, having been one of the first non-OECD jurisdictions to adopt (in 2000) the principles of transparency and exchange of information, based on a level playing field.
- In September 2009, the Cayman Islands was elected as a member of the OECD’s Steering Group at a Global Forum on Transparency and Exchange of Information held in Mexico. Along with members from thirteen other countries, the Cayman Islands is assisting in the restructuring of policy for the Global Forum, with the remit of preparing and guiding the Global Forum’s future work. The Global Forum is the final decision making body for OECD matters.
- The Cayman Islands competent authority for tax cooperation arrangements is the Tax Information Authority, established under the Tax Information Authority Law, 2005. More information on the Authority can be found on www.tia.gov.ky.
- The Tax Information Authority also administers bilateral agreements with the 27 EU Member States in relation to the automatic reporting of savings income information, in effect since 2005.
For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at email@example.com.