The Tax Information Authority (Amendment) Bill,
2020 was gazetted on Friday, 29 May and will be presented by
the Minister of Financial Services at the next meeting of the
Legislative Assembly.
The Tax Information Authority bill seeks to strengthen
compliance, enforcement and cooperation functions of the competent
authority (i.e. the Tax Information Authority). The provisions in
the Bill will, among other things, allow for enhanced collaboration
between the competent authority and other Government authorities
under appropriate legal channels, and further demonstrate
Cayman's compliance with international standards regarding the
exchange of information for tax purposes.
Cayman continues to retain a Largely Compliant rating by the
OECD's Global Forum on exchange of information on request and,
after economic substance legislation came into effect last January,
was found to be in good standing with the OECD's Forum on
Harmful Tax Practices (FHTP). In June 2019, the
