The Cayman Islands and Italy signed a TIEA during a ceremony in London on 3 December 2012. The Premier, Mr McKeeva Bush, signed on behalf of the Cayman Islands and Ambassador Alain Giorgio Maria Economides who hosted the event, signed on behalf of Italy. Italy was the final of the G7 countries to enter into a TIEA with the Cayman Islands.
The Cayman Islands is on the Organisation for Economic Cooperation and Development (OECD) white list of jurisdictions that substantially implement international tax standards. Cayman has 30 bilateral arrangements with the following countries for provision of tax information:
Aruba, Argentina, Australia, Canada, China, Curaco, Czech Republic, Denmark, Faroes, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Italy, Japan, Mexico, Netherlands, New Zealand, Norway, Portugal, Qatar, Saint Maarten, South Africa, Sweden, United Kingdom, Unites States of America.
The bilateral agreement with Ireland was implemented in June 2010. The Cayman Islands has been an active participant in the OECD Global Forum (final decision making body for OECD matters) on Taxation, having in 2000 been one of the first non-OECD jurisdictions to adopt the principles of transparency and exchange of information based on a level playing field. In September 2009 Cayman was elected as a member of the OECD's Steering Group at a Global Forum on Transparency and Exchange of Information held in Mexico. The Cayman Government is assisting in the restructuring of policy for the Global Forum, with the remit of preparing and guiding the Global Forum's future work.
The Cayman Islands established a Tax Information Authority under the Tax Information Authority Law 2005, now updated in the 2009 Revision. The Authority administers bilateral arrangements with the 27 EU member states in relation to Reporting of Savings income Information (EU Law). This measure has been in effect since 2005 and was updated in a 2007 Revision.
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