The Cayman Islands and the Government of Japan successfully concluded negotiations on a tax information exchange agreement following a meeting between the respective delegations held 13-14 May 2010 in London.
The Cayman Islands delegation to London included the Honourable Attorney General, Samuel Bulgin QC; Chairman of the Cayman Islands Monetary Authority, George McCarthy; Deputy Managing Director and General Counsel, Langston Sibblies QC, and; Senior Legislative Policy Advisor, Financial Services Secretariat, Jacqueline Jefferson-Ziemniak.
In addition to terms under which tax information will be provided, the agreement will also include provisions for the allocation of rights of taxation with respect to income of individual residents of both countries.
“The Cayman Islands is pleased to have reached this agreement with our Japanese counterparts, particularly given the exceptional commercial relationships between our financial services sectors,” said the Premier, Honourable W. McKeeva Bush, OBE JP. “The swift and efficient negotiation is a testament of both countries’ commitment to uphold and effectively implement international standards in the exchange of information on tax matters.”
The agreement will now go through the political authorisation process on both sides to enable execution at signing on a date and location yet to be determined.