Most Read Contributor in Cayman Islands, September 2016
The Cayman Islands today took a significant step against global
tax evasion in joining more than 50 countries and jurisdictions in
signing an agreement that sets the worldwide standard for automatic
exchange of information (AEOI) among tax authorities.
The Multilateral Competent Authority Agreement (MCAA) was
developed by the OECD, in cooperation with G20 countries. Minister
of Financial Services, Commerce and Environment, Wayne Panton,
signed the Cayman Islands' formal Declaration on Joining the
'Although Cayman is one of the more than 50 early adopters
that have committed to begin AEOI exchanges in 2017, our history of
cooperation reaches back to 2005, when we began participating in
EUSD', he said.
'Furthermore in April 2013, based on our understanding of
the direction of global efforts, we informed the UK that we would
join what was known then as the G5 pilot – an initiative
announced by the UK, France, Germany, Italy and Spain, regarding
the multilateral automatic exchange of tax information'. More
than 90 countries now have committed to implementing the new global
standard of AEOI.
Minister Panton noted that US also has indicated that it will
undertake AEOI pursuant to FATCA from 2015, and that it has entered
into intergovernmental agreements (IGAs) with jurisdictions,
including Cayman, to do so.
'For Cayman to sign the MCAA is a logical progression in our
longstanding international cooperation efforts, and we are pleased
that so many countries and jurisdictions are now part of this
worldwide effort to fight tax evasion via a global standard, across
borders', he said.
The Global Forum's website states that it is the world's
largest network for international cooperation in the field of
taxation and financial information exchange, bringing together 122
countries and jurisdictions as well as the European Union.
The Berlin meeting drew more than 300 delegates, from 101 member
jurisdictions and 12 international organisations, to discuss ways
to accelerate international cooperation against tax evasion. This
included planned improvements to the standard on exchange of
information on request, including introduction of a requirement
that information be available on beneficial owners of legal
Minister of Financial Services, Commerce and
Environment, Wayne Panton, signs the Cayman Islands' formal
Declaration on Joining the Multilateral Competent Authority
Agreement. The signing was held today in Berlin.
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On September 30, 2016, the VAT authorities confirmed that VAT shall apply to directors' fees.
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