Cayman Solidifies TIEA with G7 Country
Published 7th February 2011, 10:37amGeorge Town, Grand Cayman – With an ever-increasing international cooperation regime, the Cayman Islands now has 21 tax information exchange agreements (TIEAs) in place with G7, G20 and other nations. The most recent TIEA signing, with Japan, took place this morning at the Japanese Embassy in London.
Signing for the Cayman Islands was the Premier and Minister of Finance, Tourism and Development, the Hon. McKeeva Bush, OBE, JP, who noted, “The development of the Cayman Islands tax negotiation process is becoming increasingly valuable to our financial services sector. The signing of such an agreement with Japan – a G7 power – provides benefits to both countries, signifying a new type of relationship.”
The terms of this TIEA include provisions for pensioners, students, Government employees and residents of Japan, in that they will not be subject to double taxation, hence only paying taxes in one jurisdiction.
“This agreement also demonstrates the acceptance of the major G-20 jurisdictions in acknowledging the valuable role the Cayman Islands plays in international financing transactions. We fully intend to continue to demonstrate that tax compliance is a matter of course for the Cayman Islands and we are confident that as a result, our jurisdiction will become increasingly well respected in matters of international financing. We look forward to further enhancing our relationship with the Japanese Government, as we work closely with them on the OECD Global Forum Steering and Peer Review Groups,” Mr. Bush added.
Signing on behalf of the Japanese delegation was Mr. Hitoshi Noda, Chargé d'Affaires ad interim. Attending for the Cayman Islands delegation was Member of the Legislative Assembly, Elio Solomon; Financial Secretary, Kenneth Jefferson; Director Financial Services Secretariat, Michelle Bahadur; and Political Assistant to the Premier, Richard Parchment.
For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at email@example.com.