Cayman prepares to implement TIEAs
Cayman is taking steps to implement the legal aspect of various Tax Information Exchange Agreements (TIEA). A working group, made up of public and private sector representatives, is helping to develop the legal framework for the automatic exchange of information for tax purposes, in order to respond to the international regulations including the US Financial Accounts Tax Compliance Act (FATCA), and a similar agreement with the UK.
The group will make recommendations regarding draft primary laws for consideration by the Legislative Assembly during its May sitting.
Chairman, Roy McTaggart, says they will also work on draft regulations and appropriate guidance notes for Cayman’s financial services industry.