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Cayman Finance - the promotional agency for the islands' financial services industry, has welcomed the findings of a peer review report from the Global Forum on Transparency and Exchange of Information for Tax Purposes in support of the framework in place in the Cayman Islands to share tax information on request, in line with international best standards.
The Organization for Economic Co-operation nd Development (OECD) recently released a Phase 2 peer review report in respect of the Caymans' regime, which stated that the islands have demonstrated that standards for transparency and tax information have been properly implemented, and that the territory exchanges tax information effectively in practice.
Among the many positive comments in the report, the OECD states the Tax Information Authority’s exchange process is “very well organized with many internal processes in place for handling EOI requests as well as the unit being well resourced in personnel, IT and technical expertise. As a result, high quality responses are provided to partner jurisdictions and in 87% of cases the time in which a final response was provided has been less than 90 days."
Commenting, Gonzalo Jalles, CEO of Cayman Finance said: “Cayman Finance is very pleased to note these results. This demonstrates that all local stakeholders including the Cayman Islands Monetary Authority, the Tax Authority, industry practitioners, and the public sector have been able to work together to ensure that when this jurisdiction makes a commitment we follow through on our obligations to international standards. Everyone, and particularly Duncan Nicol and the Tax Information Authority, should all be commended for the hard work involved in ensuring we remain one of the world’s most highly regulated jurisdictions as measured by independent assessments such as this one.”
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