The Cayman Islands and the Netherlands have drafted Tax Information Exchange Agreement (TIEA).
The proposed TIEA was drafted during two days of meetings in George Town on Wednesday, 24 June and Thursday, 25 June. Both parties have initialed the text of the agreement.
The draft agreement covers many of the standard provisions in the Organisation for Economic Cooperation and Development (OECD) model agreement for the exchange of information on tax matters.
It will now be submitted for formal approval by the cabinet and parliament of both jurisdictions.
Attorney General, Hon Samuel Bulgin, led the Cayman Islands delegation, while Rob van Kuik, International Tax Counsellor for the Netherlands Ministry of Finance led his country’s delegation.
At the conclusion of the discussions both delegations welcomed the efforts and commitment by the two jurisdictions to conclude a TIEA in a timely manner, noting that the agreement will provide an internationally recognised framework for the exchange of tax information.
In addition to the Attorney General, other members of the Cayman delegation were Solicitor General Cheryll Richards; Cayman Islands Monetary Authority Managing Director Cindy Scotland, and Cayman Islands Stock Exchange Chairman Anthony Travers.
For the Kingdom of the Netherlands, Mr van Kuik was joined by Maikel Evers, Policy Advisor in the Ministry of Finance, and Anthonie van Baarle, Head of the Mutual Assistance Unit of the Netherlands Information and Investigation Service.