Cayman Appointed To Key Global Forum Position
by Mike Godfrey, Lowtax.net, New York
02 December, 2013
The Cayman Islands has been confirmed as one of the vice chairs of the Peer Review Group of the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes, and has retained its position on the Steering Group.
"This confirmation recognizes the dedication and value that Cayman has brought to the Global Forum over these past few years," said Minister for Financial Services Wayne Panton. "While this will mean more responsibility, it demonstrates that our engagement, commitment and hard work are acknowledged."
The positions were confirmed as part of the periodic rotation of membership in the forum's Steering Group and Peer Review Group. The rotation will become effective on 1 January 2014.
Cayman has also been rated "largely compliant" following the Global Forum's peer review and rating process. The ratings were based on the forum's Phase 1 assessments of member countries' legal and regulatory frameworks, and Phase 2 assessments of their practical implementation of the global standard for tax information exchange.
For the ratings process, the Global Forum assigned compliant, largely compliant, partially compliant, or non-compliant ratings to 10 individual elements. In addition, an overall rating was given. Cayman's received eight compliant ratings, and two largely compliant ratings, on the individual elements.
"I am very pleased with Cayman's rating, and with our participation in the Global Forum," Minister Panton said. "The overall results of the Peer Review ratings demonstrate that the forum is ensuring proper adherence to the international standard on exchange of information for tax purposes, based on an objective and robust peer review mechanism."
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