The Cayman Islands has this week announced that it signed a tax information exchange agreement with France, via an exchange of letters, on October 5.
The agreement, which is Cayman’s thirteenth, is considered legally binding following receipt and signature by Eric Woerth, France’s Budget Minister. The agreement was signed on behalf of the Cayman Islands by the Leader of Government Business, McKeeva Bush.
Bush said: “This signing, secured by the Ministry of Financial Services negotiating team, signifies the Cayman Islands continued commitment to OECD standards for transparency and exchange of information on tax matters. The Cayman Islands is committed to endorsing OECD standards and we are determined to implement them fully.”
Following a mid-year acceleration to expand its network of signed agreements, the Cayman Islands received international recognition in mid-August when it ascended to the OECD’s "white list" of jurisdictions that have substantially implemented the internationally agreed tax standard. In September, the Cayman Islands were elected a member of the Steering Group of the OECD Global Forum.
Bush added: “We hope that this agreement will act as a catalyst for French companies looking to diversify into new markets. Whilst providing the assurance of mutual cooperation, market access and smooth capital flows, we are hoping it will contribute to growth in international business and to stimulating our local economy.”
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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