The Cayman Islands and Canada entered into a tax information exchange agreement
(TIEA) following a signing ceremony held today at the Government Information Services Conference Room.
The event was hosted by the Premier, the Honourable W. McKeeva Bush, OBE, JP; the Premier signed the agreement on behalf of the Cayman Islands. Canada‟s High Commissioner to Jamaica, Mr Stephen Hallihan, signed the agreement on behalf of the Government of Canada.
“The signing of this important bilateral agreement marks a significant milestone in the long- standing relationship between the Cayman Islands and Canada,” said the Premier. “It is well known that Canada‟s top financial institutions have had retail and institutional operations in the Cayman Islands for more than 45 years, but the ties our two countries share go far deeper. They extend to educational opportunities for Caymanian youth, professional experience for Canadian practitioners and a mutual admiration that has brought together many Canadian and Caymanian families.”
The Premier also outlined future opportunities for mutual growth and development between the Cayman Islands and Canada associated with the agreement, specifically mentioning that the TIEA will result in favourable tax treatment for active business income earned by Cayman subsidiaries of Canadian companies.
“Many Canadian firms rely on the Cayman Islands‟ stable, globally-connected, tax-neutral platform to help reach their business goals,” said the Premier. “We look forward to more successful Cayman-Canada business for years to come.”
In attendance at the signing were His Excellency the Governor, Mr Duncan Taylor CBE; the Deputy Premier, members of the Legislative Assembly, the Attorney General, Cabinet Secretary, Financial Secretary and senior officials from the Ministry of Finance, Canada‟s Honourary Consul for the Cayman Islands, Mr Jeff Boucher, was also in attendance as were representatives from Cayman‟s business community.