OECD Recognises Cayman Islands International Tax Cooperation Regime

OECD Recognises Cayman Islands International Tax Cooperation Regime

Date:8/14/2009 5:30:00 PM

GEORGE TOWN, Grand Cayman, August 14 // -- The Organisation for
Economic Cooperation and Development (OECD) added the Cayman Islands to its
'white list' of jurisdictions
(http://www.oecd.org/dataoecd/50/0/42704399.pdf) that substantially implement
international tax standards.

The Cayman Islands recognition came about after the country signed its
twelfth Tax Information Exchange Agreement (TIEA) with New Zealand, on 13
August 2009.

Leader of Government Business/Premier Designate, the Honourable McKeeva
Bush said: "For over four decades the Cayman Islands has steadily earned its
place as a world-class international financial services centre. The Cayman
Islands Government sees the OECD's recognition as a natural outcome of the
country's substantial commitment to uphold an equally world-class
international cooperation regime in the exchange of tax information."

Jeffrey Owens, Director of the OECD's Centre for Tax Policy and
Administration, welcomed the signing which puts Cayman Islands "alongside
other countries that have substantially implemented the internationally
agreed tax standard." (Full OECD News Release)
(http://www.oecd.org/document/6/0,3343,en_2649_201185_43485958_1_1_1_1,00
.html)

Mr Bush concluded: "The Cayman Islands Government is looking forward to
working in partnership with competent authorities in implementing agreements
it has signed, concluding additional agreements with Cayman's important
trading partners in financial services and continuing its active role in the
OECD Global Forum, to which it committed to in 2000."

http://www.caymanfinance.gov.ky

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    Notes to Editors

    - The Cayman Islands' competent authority for tax cooperation
      arrangements is the Tax Information Authority, established in 2005
      under the Tax Information Authority Law (2005), introduced to provide
      for effective international cooperation in tax matters. More
      information on the Authority and its operations can be found on
     http://www.tia.gov.ky.

    - The Cayman Islands' maintains 12 bilateral tax information arrangements
      with the following countries: Denmark, Faroe Islands, Finland,
      Greenland, Iceland, Ireland, Netherlands, New Zealand, Norway, Sweden,
      United Kingdom, United States

    - In addition to arrangements under the OECD initiative, the Cayman
      Islands has bilateral tax treaties with the 27 EU member states under
      which it reports savings income information, pursuant to measures
      equivalent to the European Union Savings Directive.

    - The Cayman Islands' unilateral arrangement for tax information
      assistance currently covers 12 countries, namely Austria, Belgium,
      Czech Republic, Germany, Ireland, Japan, Luxembourg, the Netherlands,
      Slovak Republic, South Africa, the United Kingdom and Switzerland.

    - The Cayman Islands has been an active participant in the OECD Global
      Forum on Taxation. In May 2000, the Cayman Islands was one of the first
      non-OECD jurisdictions to adopt the principles of transparency and
      exchange of information in tax matters, based on a level playing field.
      As an early adopter, the Cayman Islands has been involved in the
      development of the OECD's standards for effective exchange of
      information in tax matters and is a member of the Global Forum's level
      playing field sub-group, along with other OECD and non-OECD colleagues.