A new double taxation arrangement (DTA) which will facilitate tax information exchange that meets OECD (Organisation for Economic Co-operation and Development) standards, was signed today by The Right Hon Stephen Timms MP, Financial Secretary to the Treasury and the Hon W McKeeva Bush, Leader of Government Business, Cayman Islands.
Welcoming the DTA Stephen Timms MP, said:
“Information exchange is a vital tool in ensuring that governments receive the revenues they need to resource the essential public services on which we all depend.
“I would like to congratulate the Cayman Islands Government for signing up to an arrangement which includes unprecedented provisions for tax information exchange that meet international standards of transparency.”
HMRC Permanent Secretary for Tax, Dave Hartnett, added:
“The information exchange provisions in this arrangement meet OECD standards of tax transparency and the agreement is especially welcome for that.
Information exchange enables us to confront effectively tax avoidance and money laundering whilst ensuring that we all make the right contribution to our public services.”
The texts of the agreements can be accessed on the internet at: www.hmrc.gov.uk/international/cayman-eol.pdf
The text will in due course be laid as a Schedule to a draft Order in Council for consideration by the House of Commons. It will then also be available from the Stationery Office. The arrangement will enter into force as soon as both governments have completed the legislative procedures needed to give it effect.
