The Cayman Islands signed its 22nd tax information exchange agreement on Monday, 21 March. The TIEA with India will strengthen the commercial relationship between Cayman and one of the world’s fastest-growing economies, the Cayman Islands government said in a press statement.
The agreement was signed by Premier McKeeva Bush and India’s High Commissioner to The Bahamas, the Cayman Islands and Jamaica, Mohinder S. Grover.
Following the signing ceremony held in George Town, Mr. Bush said: “Our government has a strong working relationship with our Indian counterparts, and we look forward to implementing the terms of this TIEA”.
He further noted that both countries are members of the OECD Global Forum Global Forum on Transparency and Exchange of Information for Tax Purposes and involved in the Forum’s Peer Review process and therefore ensuring the effective implementation of the international standards of transparency and exchange of information for tax purposes.
Speaking on behalf of the Cayman Islands International Tax Cooperation Team, George McCarthy said it is anticipated that this agreement will continue to pave the way in enhancing the business relationship between Cayman and India. “The TIEA will provide a common ground upon which the Cayman Islands and India can exercise mutual cooperation and focus on increasing investment funds business in the Cayman Islands.”
The Cayman-India TIEA outlines procedures and channels through which authorities in the respective jurisdictions can request such information, which will provide additional commercial certainty to clients of both jurisdictions.