Cayman agrees automatic exchange deal with US

(CNS Business): The Cayman Islands Government has concluded its negotiations with the United States on a Model 1 intergovernmental agreement (IGA) and a new tax information exchange agreement (TIEA), officials revealed Tuesday. This paves the way for automatic exchange of information (AEOI) under the US Foreign Account Tax Compliance Act (FATCA).  Representatives for CIG and the US have initialled the deals with the intent of signing them as soon as possible, after which the texts will be publicly available. Cayman’s financial services minister Wayne Panton said government was pleased to have arrived at this milestone, which recognises that the global community is moving in the direction of one AEOI standard for tax purposes. Read more on CNS Business