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Cayman Islands, India Sign TIEA

by Amanda Banks,, London

25 March 2011

The Cayman Islands and India have signed a Tax Information Exchange Agreement, designed to strengthen the commercial relationship between the two countries.

The agreement is the 22nd signed by the Cayman Islands, and, following the signing ceremony on March 21, Premier McKeeva Bush said: "Our government has a strong working relationship with our Indian counterparts, and we look forward to implementing the terms of this TIEA". High Commissioner to The Bahamas, the Cayman Islands and Jamaica Mohinder S. Grover signed on behalf of India, and commented: "Both countries are members of the OECD Global Forum Global Forum on Transparency and Exchange of Information for Tax Purposes, and are involved in the Peer Review Process; therefore ensuring the effective implementation of the international standards of transparency and exchange of information for tax purposes".

George McCarthy of the Cayman Islands International Tax Cooperation Team believes the agreement "will provide a common ground upon which the Cayman Islands and India can exercise mutual cooperation and focus on increasing investment funds business in the Cayman Islands".

The Cayman-India TIEA outlines procedures and channels through which authorities in the respective jurisdictions can request information, which will provide additional commercial certainty to clients of both jurisdictions.

TAGS: tax | tax information exchange agreement (TIEA) | India | Cayman Islands

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