Cayman Islands Unveil Tax Information To New Countries

The Cayman Islands Government extends comprehensive tax information assistance to seven new countries, under provisions in the Tax Information Authority Law introduced in 2008, which do not require a bilateral treaty. The seven countries now able to request tax information

By None

The Cayman Islands Government extends comprehensive tax information assistance to seven new countries, under provisions in the Tax Information Authority Law introduced in 2008, which do not require a bilateral treaty.

The seven countries now able to request tax information from the Cayman Islands under this unilateral mechanism are Germany, Austria, Belgium, Czech Republic, Luxembourg, Slovak Republic and Switzerland. Requests may be made in relation to both civil/administrative and criminal tax matters.

“The Cayman Islands was one of the first jurisdictions to commit to OECD standards for transparency and exchange of information in tax matters,” says Kurt Tibbetts, leader of Government Business.

“We have upheld that commitment by working with OECD and non-OECD colleagues to design effective standards, by reflecting those standards in our domestic regime, and then embarking on a programme to extend assistance arrangements to other countries; the first being our tax information agreement with the U.S. signed in 2001.”

“Our actions today in extending tax information assistance to seven more countries is the culmination of many months of technical work, and we are especially grateful to Germany for the insight they were able to provide by virtue of having a unilateral mechanism for cooperation in tax matters themselves.”

L.D.

«