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Cayman Sets Up Working Group For TIEA Implementation

by Mike Godfrey, Lowtax.net, Washington
12 February, 2014

The Cayman Islands has established a working group comprised of representatives from the public and private sectors to support the development of legislation for the automatic exchange of tax information (AEOI) in order to comply with international tax transparency initiatives, such as the United States' Foreign Account Tax Compliance Act (FATCA).

The chairman of the group is Roy McTaggart, Councillor in the Ministries of Finance and Financial Services. Other members include officials from the Department for International Tax Cooperation, the Department for Financial Services Policy and Legislation, Cayman Finance, the Cayman Islands Compliance Association, the Cayman Islands Society of Professional Accountants, and the Cayman Islands Bankers Association. These members were chosen because their work "overarches all sectors in the financial services industry," says the Government.

The group will make recommendations on primary draft legislation to be considered during the May session of the Legislative Assembly, McTaggart said. In addition it will help develop draft regulations for the domestic financial services industry and provide guidance where necessary.

"AEOI is rapidly becoming the global standard for tax information exchange," McTaggart said. "While the public is increasingly familiar with the terms 'US FATCA' and 'UK FATCA,' it is important for them to understand that those initiatives are mechanisms for the automatic exchange of information for tax purposes. Other mechanisms will develop, whether by individual countries or on a global scale. The working group is therefore assisting with the development of Cayman's legislative and regulatory framework to meet both the current needs of US and UK FATCA, as well as future AEOI initiatives."

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