Convention On Tax Assistance Extended To Cayman

George Town, Grand Cayman – Representing a significant development in the Cayman Islands' transparency framework, the OECD/Council of Europe Convention on Mutual Assistance in Tax Matters has been extended to the jurisdiction, and will become effective on 1 January 2014.

The UK is a party to the convention and, in accordance with legal requirements, Cayman must formally request that the UK extend the convention to this jurisdiction. The formal request was made in August, said the Minister of Financial Services, Wayne Panton.

'For the continued vitality and growth of Cayman's industry, it's an advantage to remain aligned with global movements in the direction of automatic exchange of information', Mr Panton said, noting that more than 50 countries currently adhere to the convention.