Tax deal with Cayman Islands given OK

Japan and the British Cayman Islands have reached broad agreement on a bilateral convention to exchange information for preventing tax evasion, the Foreign Ministry said Wednesday.

The convention will also specify allocation of taxation rights regarding specific income categories between their governments.

The governments of Japan and the British Cayman Islands will have to negotiate details of the convention, sign the pact and take the relevant ratification procedure before it is put into effect.