Reinforcing Tax Cooperation Regime
Published 2nd September 2010, 11:7am
Cayman Islands Reinforces Tax Cooperation Regime with another G-20 Country
George Town, Grand Cayman — Further strengthening its international tax cooperation regime, the Cayman Islands has signed a Tax Information Exchange Agreement (TIEA) with Mexico.
The agreement, exchanged via courier, was considered legally binding following signature on 28 August 2010 by the Premier, the Honourable McKeeva Bush in his capacity as Minister of Finance for the Cayman Islands, and Mr. Ernesto Javier Cordero Arroyo, Minister of Finance and Public Credit for Mexico.
"This is Cayman's twentieth TIEA signing," said Premier Bush, "which reinforces our commitment to strengthening global tax cooperation, and continues to build on four decades of our venerable transparency regime. This agreement also signifies a new chapter in the working relationship between Mexico and the Cayman Islands, encouraging further economic development and improved relations, boosting the jurisdiction's reputation amongst Mexican investors."
The Cayman Islands has TIEAs in place with other G7 and G20 member countries, including Australia, Canada, Germany, France, the United Kingdom and the United States.
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 20 bilateral arrangements with the following countries for the provision of tax information: Aruba, Australia, Canada, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Mexico, 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.