The Cayman Islands Government announced on 25 March 2010 that it will conclude a further 16 tax information exchange agreements (TIEAs) with several G20 jurisdictions of economic significance, in addition to the 15 TIEAs already in place.
The Cayman Islands Government has also advanced its work with the Organisation for Economic Development and Cooperation (OECD) Global Forum Steering Group, particularly in reference to the recently announced peer review evaluation programme.
A breakdown of the identified 15 pending TIEAs is as follows:
- Agreements have been reached with 6 countries: Aruba, Canada, Germany, Italy, Mexico and South Africa. These agreements, which have been finalised from the Cayman Islands, are with the signatory countries for their authorisation process and confirmation of a signing date.
- Negotiations are in various stages with 9 additional OECD/G20 countries.
For the OECD Global Forum Steering Group, the Cayman delegation was able to provide input, guidance and direction on the methodology and terms of reference for the peer review programme. The Cayman Islands will also be an assessor for the peer review programme. In addition to having input on OECD’s peer review process, Cayman has been identified in the first cohort of countries to undergo a peer review evaluation. This phase of the peer review involves providing comprehensive information on the implementation of Cayman’s tax transparency regimes to OECD assessors, including relevant laws, regulations and guidance notes.