Tax Information Exchange Agreement with Australia
Published 13th April 2010, 4:41pm
Washington, D.C. — The Cayman Islands signed its fifteenth tax information exchange agreement with Australia on Tuesday, during a ceremony held at the Australian embassy in Washington, D.C.
"The Cayman Islands Government is pleased to have signed this agreement with our Australian counterparts and we look forward to many years of cooperation between our two countries as part of our global commitment to upholding international standards of tax transparency and accountability," said the Premier, the Honourable W. McKeeva Bush.
The Premier was accompanied at the signing by three members of the Cayman Islands TIEA negotiating team: The Honourable Samuel Bulgin, Attorney General, Mr George McCarthy, Chairman of the Cayman Islands Monetary Authority, and; Mrs Michelle Bahadur, Director of the Financial Services Secretariat, Ministry of Finance.
The Premier added: "We believe this agreement will reinforce an already solid relationship that exists between Australia and the Cayman Islands, as Cayman’s excellent professional infrastructure, effective legal and regulatory framework and stable business environment are well-known amongst Australian private equity and hedge fund firms."
The Cayman Islands is successfully concluding negotiations with several OECD and G-20 countries and the Government anticipates signing a number of additional agreements over the coming months.
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 15 bilateral arrangements with the following countries for the provision of tax information: Australia, Denmark, Faroe Islands, Finland, France, Greenland, Iceland, Ireland, the Netherlands, Netherlands Antilles, New Zealand, Norway, 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.