Japan lined up for tax deal with Cayman
(CNS): The Cayman Islands government’s goal to significantly increase the number of tax information exchange agreements it has with OECD countries continues with Cayman and the government of Japan having successfully concluded negotiations on a future tax deal. The deal with Japan will bring the jurisdiction’s number of TIEAs to 19 once it is signed. The negotiations for the agreement were held in London earlier this month between the respective delegations. The agreement will now go through the political authorisation process on both sides to enable execution at signing on a date and location yet to be determined.
The Cayman Islands delegation to London included the Attorney General, Samuel Bulgin, Chairman of the Cayman Islands Monetary Authority, George McCarthy; Deputy Managing Director and General Counsel, Langston Sibblies and Senior Legislative Policy Advisor, Financial Services Secretariat, Jacqueline Jefferson-Ziemniak.
In addition to terms under which tax information will be provided, the agreement will also include provisions for the allocation of rights of taxation with respect to income of individual residents of both countries.
“The Cayman Islands is pleased to have reached this agreement with our Japanese counterparts, particularly given the exceptional commercial relationships between our financial services sectors,” said the Premier, McKeeva Bush. “The swift and efficient negotiation is a testament of both countries’ commitment to uphold and effectively implement international standards in the exchange of information on tax matters.”
The agreement will now go through the political authorisation process on both sides to enable execution at signing on a date and location yet to be determined.
Category: Business
And why might I ask was it necessary to send all these people to London?
More frequent flyer miles.