Tax Agreement signed between Cayman and UK
On June 15, 2009, a new double taxation arrangement (DTA) was signed to facilitate tax information exchange that meets OECD standards. The agreement was signed by W McKeeva Bush, Leader of Government Business in the Cayman Islands, and Stephen Timms, Financial Secretary to the Treasury.
Welcoming the double taxation arrangement, Timms said that information exchange is a vital tool necessary to ensure that governments receive the revenues in order to resource the essential public services. He congratulated the government of the Cayman Islands on “signing up to an arrangement which includes unprecedented provisions for tax information exchange that meet international standards of transparency”.
HMRC Permanent Secretary for Tax, Dave Hartnett, noted that the information exchange provisions in this arrangement meet OECD standards of tax transparency, so tax avoidance and money laundering will be controlled with the help of information exchange.