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Kurt Tibbetts Discloses Cayman Islands Tax Agreements

by Mary Swire,, Hong Kong

06 April 2009

Kurt Tibbetts, the leader of government business in the Cayman Islands has given further detail on the tax arrangements made by the country in recent weeks.

"I wanted to provide an update on an important and historic event which took place yesterday, representing a significant milestone in our efforts to reaffirm our commitment to international cooperation, particularly in the area of tax information exchange," Mr Tibbetts began, going on to explain:

"As many of you know, Minister McLaughlin, in his capacity as Minister for International Financial Services policy, signed seven tax information exchange agreements with the Nordic countries at a ceremony held yesterday in Stockholm."

"In speaking with Minister McLaughlin yesterday following the event, he indicated that the Cayman Islands delegation was very warmly received and there was a great deal of positive support from the Nordic representatives regarding the tax information agreements, as well as the commercial agreements which are still being finalized and which will be signed in June of this year."

"The events in Sweden were preceded by a series of significant announcements from the Cayman Islands Government, other countries with whom we've recently established tax information arrangements, and the OECD's Centre for Tax Policy and Administration," Tibbetts continued, further stating:

"On March 30, the Cayman Islands Government announced domestically and internationally the addition of Ireland, Japan, the Netherlands and South Africa to our schedule of countries under the amendments of the Tax Information Authority known as the unilateral mechanism."

"This announcement, when combined with our efforts over the past two weeks including the Nordic agreements, now means that the Cayman Islands has tax information arrangements with 20 countries, including the majority of Cayman's major trading partners. These arrangements cover four of the seven G-7 states and 17 of the 30 OECD member states."

"In the following months, the Cayman Islands aims to enter into arrangements with a number of additional countries, including the remaining G-7 and five other OECD member states," he added.

Continuing, Mr Tibbetts then announced:

"Also on March 30, the governments of Ireland and Germany issued separate statements to their domestic media welcoming their inclusion in the schedule of countries under unilateral mechanism and recognizing the Cayman Islands commitment to transparency and upholding OECD standards for tax information exchange. These announcements received good coverage from the important media in Ireland and Germany and the Cayman Islands Government welcomes these endorsements."

"I look forward to providing future updates as the situation continues to unfold," he concluded.

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