Cayman Welcomes OECD Information Exchange Rating
by Mike Godfrey, Lowtax.net, Washington
23 August, 2017
The Cayman Islands has welcomed recent recognition by the Global Forum on Transparency and Exchange of Information for Tax Purposes that it is "largely compliant" with evolving international tax information exchange standards.
Also receiving largely compliant ratings were Australia, Bermuda, Canada, Germany, and Qatar, while Ireland, Mauritius, and Norway were rated as compliant. Jamaica received a partially compliant rating.
The Global Forum assessment team consider 10 criteria (called "elements" in the report) when evaluating how its 144 member countries exchange tax information upon request. The Cayman Islands overall rating was "largely compliant," based on receiving three ratings of largely compliant, and seven ratings of compliant.
Although the Cayman Islands was rated largely compliant on the element concerning the keeping of reliable accounting records for all relevant entities and arrangements, the Global Forum recommended the territory implement an effective system of oversight and enforcement to support the legal requirements pertaining to accounting records. A follow up report on steps undertaken by the Cayman Islands to address the recommendation is to be provided to the Global Forum no later than June 30, 2018.
Commenting on the positive evaluation, the territory's Minister of Financial Services, Tara Rivers, said: "Cayman tested very well against this more rigorous set of standards, and this clearly demonstrates the high quality of our cooperation with our treaty partners."
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