Canada becomes Cayman’s 19th tax partner
(CNS): The Cayman Islands has now entered into its nineteenth tax deal following a new tax information exchange agreement (TIEA) with Canada this week. The country’s premier, McKeeva Bush signed the agreement with Canada’s High Commissioner to Jamaica, Stephen Hallihan in George Town on Thursday. Bush pointed out the long and deep relationship between the two countries and that the new TIEA would have benefits for both Canada and the Cayman Islands. (Photo by Dennie Warren Jr)
“The signing of this important bilateral agreement marks a significant milestone in the long-standing relationship between the Cayman Islands and Canada,” said Bush at a ceremony held at GIS. “It is well known that Canada‟s top financial institutions have had retail and institutional operations in the Cayman Islands for more than 45 years, but the ties our two countries share go far deeper. They extend to educational opportunities for Caymanian youth, professional experience for Canadian practitioners and a mutual admiration that has brought together many Canadian and Caymanian families.”
The premier outlined future opportunities for mutual growth and development between the Cayman Islands and Canada associated with the agreement, specifically mentioning that the TIEA will result in favourable tax treatment for active business income earned by Cayman subsidiaries of Canadian companies.
“Many Canadian firms rely on the Cayman Islands’ stable, globally-connected, tax-neutral platform to help reach their business goals,” he said. “We look forward to more successful Cayman-Canada business for years to come.”
The Cayman Islands is on the Organisation for Economic Cooperation and Development (OECD) „white list‟ of jurisdictions that substantially implement international tax standards and has 19 bilateral arrangements with the following countries for the provision of tax information: Aruba, Australia, Canada, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, the Netherlands, Netherlands Antilles, New Zealand, Norway, Portugal, Sweden, the United States and the United Kingdom. Copies of the agreements can be found via the following link: www.tia.gov.ky/html/arrangements.htm.
Category: Business
