The Cayman Islands has signed a Tax Information Exchange Agreement (TIEA) with Mexico.
The agreement, exchanged via courier, was considered legally binding following signature on August 28, 2010 by Cayman Premier, McKeeva Bush in his capacity as Minister of Finance for the Cayman Islands, and Mr. Ernesto Javier Cordero Arroyo, Minister of Finance and Public Credit for Mexico.
"This is Cayman's twentieth TIEA signing," said Premier Bush, "which reinforces our commitment to strengthening global tax cooperation, and continues to build on four decades of our venerable transparency regime."
The taxes covered in the agreement include income tax (ISR), value-added tax (IVA) and the Single Business Tax or Flat Tax (IETU), as regards Mexico, and any similar taxes in respect of the Cayman Islands.
The Cayman Islands has been an active participant in the Organization for Economic Cooperation and Development (OECD) Global Forum on Taxation, having been one of the first non-OECD jurisdictions to adopt (in 2000) the principles of transparency and exchange of information.
In September 2009, the Cayman Islands was elected as a member of the OECD's Steering Group at a Global Forum on Transparency and Exchange of Information held in Mexico.
The Cayman Islands Tax Information Authority also administers bilateral agreements with the 27 EU member states in relation to the automatic reporting of savings income information, in effect since 2005.
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.aspTags: tax | law | offshore | agreements | offshore confidentiality | Organisation for Economic Co-operation and Development (OECD) | tax information exchange agreement (TIEA) | Cayman Islands | Mexico
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