Cayman Islands to review Tax Transparency
The 1st 18 jurisdictions that take part in the Global Forum on Transparency and Exchange of Information have been included in the 1st phase of a peer review process.
The Cayman Islands was in this group of countries. Besides Cayman, these the 1st 18 countries are Australia, Barbados, Bermuda, Botswana, Canada, Denmark, Germany, India, Ireland, Jamaica, Jersey, Mauritius, Monaco, Norway, Panama, Qatar, and Trinidad and Tobago.
The reviews are a 1st step in a 3-year process that was approved by the Global Forum in February 2010. The Global Forum has published 3 key documents – The Terms of Reference explaining the information exchange standard countries must meet; The Methodology for the conduct of the reviews; and The Assessment criteria explaining how countries will be rated – in addition to a complete schedule of forthcoming reviews.
The Global Forum brings together 91 countries that include both OECD and non-OECD countries.