Technical negotiating teams from the Cayman Islands and the Netherlands have finalised the terms of an agreement and protocol for the exchange of information with respect to tax matters.
The proposed Tax Information Exchange Agreement (TIEA) was drafted during two days of meetings in George Town on Wednesday and Thursday, June 24-25. The text has been initialled by both parties.
The draft agreement covers many of the standard provisions in the Organisation for Economic Cooperation and Development (OECD) model agreement for the exchange of information on tax matters. It will now be submitted for formal approval by the cabinet and parliament of both jurisdictions.
Attorney General, Samuel Bulgin, led the Cayman Islands’ delegation while Rob van Kuik, International Tax Counsellor for the Dutch Ministry of Finance, led his country's delegation.
At the conclusion of the discussions both delegations welcomed the efforts and commitment by the two jurisdictions to conclude a TIEA in a timely manner, noting that the agreement will provide an internationally recognised framework for the exchange of tax information.
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