Cayman and India to Sign TIEA
The government of India will proceed with negotiations towards tax information exchange agreements with the Cayman Islands as well as other 8 low-tax jurisdictions.
The Indian government has approved the notification of the offshore jurisdictions for the purpose of the Income Tax Act 1961. These are the Cayman Islands as well as the British Virgin Islands, Gibraltar, Guernsey, Jersey, the Isle of Man, Bermuda, the Netherland Antilles, and Macau. Also, the notification of Hong Kong is in process.
The Cayman Islands and India could not enter into agreement until India’s Section 90 of the Income Tax Act was amended by the Finance Act 2009 as then India could enter agreements only with sovereign states.