Most Read Contributor in Cayman Islands, September 2016
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
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
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On September 30, 2016, the VAT authorities confirmed that VAT shall apply to directors' fees.
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