18 April 2013 · Cayman Finance today welcomed the recent independent assessment by the Global Forum on Transparency and Exchange of Information for Tax Purposes, which demonstrated that standards for transparency and tax information have been properly implemented in the Cayman Islands.
“Cayman Finance is very pleased to note these results. It is not surprising because the jurisdiction has always committed itself fully to complying with all reasonable global standards”, said Mr. Gonzalo Jalles, CEO of Cayman Finance.
Mr. Jalles explained that not only is it important that the independent assessment found that Cayman was implementing the necessary standards, but that this was a testament to all the various stakeholders involved.
The OECD issued its Phase 2 report, which focused on implementation of tax information exchange and transparency standards in April 2013. Among the many positive comments in the report, the OECD states the Tax Information Authority’s exchange process is “very well organized with many internal processes in place for handling EOI requests as well as the unit being well resourced in personnel, IT and technical expertise. As a result, high quality responses are provided to partner jurisdictions and in 87% of cases the time in which a final response was provided has been less than 90 days”.
“This demonstrates that all local stakeholders including CIMA, the Tax Authority, industry practitioners, and the public sector have been able to work together to ensure that when this jurisdiction makes a commitment we follow through on our obligations to international standards. Everyone, and particularly Duncan Nicol and the Tax Information Authority, should all be commended for the hard work involved in ensuring we remain one of the world’s most highly regulated jurisdictions as measured by independent assessments such as this one”, said Mr. Jalles.
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
When Walkers was launched as an offshore law firm in 1964 in the Cayman Islands it is fair to assume that the founders would never have dreamt their creation would, fifty years later, be working in a cross-border restructuring market driven by China.
You might think that a formal Grant of Probate issued in the UK would be sufficient to release assets held in Jersey by your client – unfortunately, the process is not quite as simple as that.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).