Cayman and Japan initial DTA
The governments of the Cayman Islands and Japan have initialled a comprehensive double tax agreement (DTA) to allow for the exchange of tax information in civil and criminal tax matters.
According to a statement issued by the government of Japan, “The government of Japan welcomes this agreement which enables both tax authorities to carry out the effective exchange of information regarding tax matters in accordance with the international standard, and demonstrates the Cayman Islands’ commitments to combating international fiscal evasion and tax abuse, the importance of which has been reiterated in a series of international conferences”.
Prime Minister of the Cayman Islands, McKeeva Bush, welcomed the agreement and added that the jurisdiction is pleased to have reached this DTA, particularly given the exceptional commercial relationships between financial services sectors of both jurisdictions.
The double tax treaty still requires signing. It will come into force after both countries have undertaken their individual ratification processes.