Caymans sign another TIEA

From International Tax Review:

Cayman Islands agrees to tax information exchange with Netherlands

The Cayman Islands signed a tax information exchange agreement (TIEA) with the Netherlands on July 8. This brings the number of TIEAs signed by the Cayman Islands to 11, one short of the OECD’s requirement of 12 required to be recognised as being compliant with international requirements.

McKeeva Bush, the Cayman Islands’ new leader of government business and minister for financial services, has signed tax treaties with the UK, Ireland and the Netherlands since his election on May 20.

Bush’s government is in the advanced stages of negotiation with several countries, including Italy, Mexico, Germany, France, Australia, New Zealand, Portugal and Canada.

There has been some indication that the OECD may look at the quality of the agreements rather than just the number in determining whether countries are removed from the grey list of those that have signed up to information exchange standards but have not implemented them.

“I realise there are some concerns being aired regarding the possibility of the OECD moving the goal post so to speak or that the stated number of 12 agreements may be changed. However based on the discussions I have had with OECD officials, this is highly unlikely,” said Bush.

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