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
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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On September 30, 2016, the VAT authorities confirmed that VAT shall apply to directors' fees.
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