Premier signs 21st tax deal on behalf of Cayman

| 07/02/2011

(CNS): The Cayman Islands premier signed the country’s twenty first tax deal today in the UK. Adding Japan to the long list of G20 countries that Cayman now disclose tax information the premier said the deals were offering real value to the jurisdiction’s financial services sector. The signing of this latest tax information exchange agreement (TIEA) took place this morning at the Japanese Embassy in London between McKeeva Bush and Hitoshi Noda, the Japanese Chargé d’Affaires. “The development of the Cayman Islands tax negotiation process is becoming increasingly valuable to our financial services sector,” Bush said as he signed the important deal.

“The signing of such an agreement with Japan – a G7 power – provides benefits to both countries, signifying a new type of relationship.”

The terms of this TIEA include provisions for pensioners, students, Government employees and residents of Japan, in that they will not be subject to double taxation, hence only paying taxes in one jurisdiction.
 

“This agreement also demonstrates the acceptance of the major G-20 jurisdictions in acknowledging the valuable role the Cayman Islands plays in international financing transactions. We fully intend to continue to demonstrate that tax compliance is a matter of course for the Cayman Islands and we are confident that as a result, our jurisdiction will become increasingly well respected in matters of international financing. We look forward to further enhancing our relationship with the Japanese Government, as we work closely with them on the OECD Global Forum Steering and Peer Review Groups,” Bush added.

Attending for the Cayman Islands delegation was Member of the Legislative Assembly, Elio Solomon; Financial Secretary, Kenneth Jefferson; Director Financial Services Secretariat, Michelle Bahadur; and Political Assistant to the Premier, Richard Parchment
 

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Comments (9)

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  1. sugarish says:

    That’s our man!

  2. UCCI says:

    In enhancing our relationship with the Japanese Government, we are securing our financial services. Yes, with the stroke of his pen, the Premier signs…

  3. Halifax says:

    GOOD! THIS HAS TO BE DONE OR ELSE THE CAYMAN ISLANDS BANKING INDUSTRY WILL FEEL THE NEGATIVE EFFECTS FROM THE WITHDRAWALS OF HER CLIENTS! The OECD maintains a record of countries it has “black-listed,” called the “The List of Uncooperative Tax Havens.” The OECD has considered a number of countries that are not transparent in their tax affairs and exchange of banking information. This has drawn banking clients from all over the world to pull out from these countries. Cayman Islands was almost black-listed. The OECD has been asked to investigate around 40 new tax havens in the world where undeclared revenue is hidden, which implies tax fraud. Any economists and banking official would be able to clearly see that the Premier’s travel to sign such a deal, is of grave importance.

  4. Anonymous says:

    Excellent!

  5. rothchild says:

    well folks, at least I recall whilst ppm was in we were on the gray list, and now mac and team has taken us out of the gray and brought into the white… as a banker, all I can say is KEEP THEM SIGNING MAC!

  6. Anonymous says:

    Why do we even have a governor? Im seriously curious. Is Mckeeva higher than the Governor?

    • Anonymous says:

      What’s your point?

    • Anonymous says:

      Please read the Constitutional Contractual Agreement we have with the UK. It was approved by a minority of the registered voters which is the only reason it passed in 2009. Not very democratic of the mother country.

      However, the roles of the Governor and the Premier are listed in it. They do have separate and distinct roles.
      Also read the third to last page that is bound in with it. It says in essence,”We will try to honour this contract with you however we may have to break it unilaterally and act in the UK’s interest at any moment and not in interest of the Cayman Islands”. Lovely contract…..but in essence, Governor/UK completely in charge of everything…just letting us play with decision making while it does not hurt the UK.

    • tj says:

      “Why do we even have a governor?” Hello… we have a governor because we’re under Britian! “Is Mckeeva higher than the Governor?” umm ok… think… Is he saying that he is higher than the governor??? Where you see that??? And what do you mean “higher”? In position, the governor is higher than Mckeeva. However, in a democracy, the ELECTED leader would be “higher” than the APPOINTED one. I hope that answer your question. And PLEASE…it sounds like you’re attacking the governor and our ELECTED premier. I suggest you read the cns article again without personal bias.