George Town, Grand Cayman – In support of global standards on tax transparency, the Cayman Islands Government has signed a tax information exchange agreement (TIEA) with the Republic of Malta.
Cayman officials thanked the Maltese government for agreeing to meet in London on Monday, 25 November, which allowed Cayman to complete the TIEA signing prior to attending the annual Joint Ministerial Conference meeting of Overseas Territories.
Signing the agreement was Cayman's Minister of Financial Services, Wayne Panton; and Malta's Minister for Finance, Professor Edward Scicluna.
Saying that TIEAs are 'much more than signatures and handshakes', Mr Panton noted that they reaffirm individual countries' commitments to uphold international standards set by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes.
'As both Cayman and Malta are Global Forum members, we recognise that the exchange of information between countries – or in the case of multilateral agreements, among countries – is a vital cog in the application of globally accepted standards', he said.
'These agreements are implemented by competent authorities who understand the legal nuances and importance of cooperating in the fight against illegal activity such as tax evasion and money laundering. Without them, criminals would continue to drain public coffers, and deprive both developed and developing countries of economic opportunities'.
With this signing, Cayman now has agreements with 32 countries. For more information on Cayman's TIEAs, visit www.tia.gov.ky.
Photo caption: The Cayman Islands signed a tax information exchange agreement (TIEA) with the Republic of Malta on Monday, 25 November, in London. Signing, from left, are Malta's Minister of Finance, Professor Edward Scicluna, and Cayman's Minister of Financial Services, Wayne Panton. Also present are Malta's High
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.