Archive for November, 2013

Caymans to report US citizens’ assets

Saturday, November 30th, 2013

The Cayman Islands has signed an agreement with the US government to fight offshore tax evasion and encourage financial transparency.

The U.S. Department of Treasury made a statement that the Cayman Islands will share tax information about U.S. account holders with the U.S. Internal Revenue Service.

The British territory is considered the world’s 6th largest financial center and a major haven for private equity.

Tuesday, November 12th, 2013

Cayman joins OECD Convention on Mutual Assistance in Tax Matters

The Organization for Economic Cooperation and Development (OECD) /Council of Europe Convention on Mutual Assistance in Tax Matters has been extended to the Cayman Islands. This will be effective as of January 1, 2014.

The convention on tax assistance provides for all possible forms of administrative co-operation between jurisdictions in the assessment and collection of taxes, in particular with a view to combating tax avoidance and evasion. This co-operation includes information exchange and foreign tax claims recovery.

The Cayman Minister of Financial Services, Wayne Panton, said: “For the continued vitality and growth of Cayman’s industry, it’s an advantage to remain aligned with global movements in the direction of automatic exchange of information.”

The Cayman Islands has signed tax information exchange agreements (TIEAs) with 31 jurisdictions and is working on agreements with a further 18 jurisdictions.