Cayman Islands Promulgates Regulations to Implement Tax Information Exchange Agreement

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Monday, January 1, 2007
Scott A. Harty
In November 2001, the United States signed a Tax Information Exchange Agreement (“TIEA”) with the Cayman Islands to facilitate the provision of tax information. The TIEA was originally scheduled to take effect for criminal tax matters on January 1, 2004, and for all other matters on January 1, 2006. At this time, however, it has yet to enter into force. Nonetheless, implementation of the TIEA has not stagnated. In September 2005, the Cayman Islands passed the 2005 Tax Information Authority Law (“the Law”) and in May 2006 promulgated regulations implementing the Law. Both the Law and the regulations set forth the procedures that the Cayman Islands will observe in handling tax information requests by the United States under the TIEA...[more]