The Cayman Islands has entered its 27th Tax Information Exchange Agreement; this time with the Republic of Argentina.
“The Cayman Islands recognises the value in strengthening its relationships with Argentina and other Latin American countries,” said Premier McKeeva Bush. “Signing this agreement underpins our commitment to building this relationship and boosting the Cayman Islands’ reputation in the Latin American region, thereby ensuring that we remain a favourable and transparent international financial centre.”
A Tax Information Exchange Agreement is a bilateral agreement that has been negotiated and signed between two countries to establish an official system for the exchange of information relating to taxes, reads the Guide to Tax
Information Exchange Agreements by Higgs and Johnson law firm. “More specifically, a TIEA allows for the free exchange of financial tax information irrespective of differences in either country’s requirement or definition of a predicate crime to money laundering. However, it must be duly noted that information will only be provided if a proper request is made pursuant to all of the treaty provisions, which require that the requesting party first make a prima facie case.”
Following the signing, Mr. Bush said this newest TIEA would boost Cayman’s reputation in the international arena.
It lets the world know the “Cayman Islands is the right place to do business. We’re a well regulated regime,” he said.
The event was hosted by Mr. Bush, who signed the TIEA on behalf of the Cayman Islands. The Argentinean delegation was represented by Under Secretary of Public Revenue Mr. Luis Maria Capellano. Signing on behalf of Argentina was the Head of the Federal Administration of Public Revenue Mr. Ricardo Echegaray.
Also attending the signing were Members of the Legislative Assembly, senior officials from the Ministry of Finance and the Cayman Islands Monetary Authority and members of the Cayman Islands International Tax Cooperation Team. Also attending on behalf of Argentina were the Adviser to the Federal Administrator Mr. Guillermo Michel and a representative from Institutional Communications, Mr. Federico Hausvirth.