Cayman implements internationally agreed tax standard
The Cayman Islands has signed tax information exchange agreement (TIEA) with New Zealand. The signing has brought the number of agreements that the Cayman Islands have on exchange of information for tax purposes to 12.
It should be noted that signing this TIEA moves the jurisdiction into the category of “Jurisdictions that have substantially implemented the internationally agreed tax standard” in the Organisation for Economic Co-operation and Development (OECD) Progress Report that was initially published by the OECD Secretariat on April 2, 2009.
Director of the OECD’s Centre for Tax Policy and Administration, Jeffrey Owens, welcomed the signing and noted that the Cayman Islands has taken its place alongside other countries that have substantially implemented the internationally agreed tax standard. It is worth mentioning that 6 jurisdictions have moved into this category since April.