Cayman Islands Secures Tax Agreement with India
Published 22nd March 2011, 11:17am
George Town, Grand Cayman – The Cayman Islands signed its twenty-second Tax Information Exchange Agreement (TIEA) today with India, strengthening the commercial relationship between Cayman and one of the world’s fastest growing economies.
Following the signing ceremony held in George Town, Grand Cayman, the Premier, the Honourable W. McKeeva Bush said: “Our Government has a strong working relationship with our Indian counterparts, and we look forward to implementing the terms of this TIEA”.
Signing the agreement on behalf of India was India’s High Commissioner to The Bahamas, the Cayman Islands and Jamaica, His Excellency Mohinder S. Grover.
”Both countries are members of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, and are involved in the Peer Review Process; therefore ensuring the effective implementation of the international standards of transparency and exchange of information for tax purposes,” Mr. Bush added.
Speaking on behalf of the Cayman Islands International Tax Cooperation Team, George McCarthy commented, “It is further anticipated that this Agreement will continue to pave the way in enhancing the business relationship between our two countries. The TIEA will provide a common ground upon which the Cayman Islands and India can exercise mutual cooperation and focus on increasing investment funds business in the Cayman Islands.”
The Cayman-India TIEA outlines procedures and channels through which authorities in the respective jurisdictions can request such information, which will provide additional commercial certainty to clients of both jurisdictions.
For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at email@example.com.