The Isle of Man has continued its programme of developing closer economic and taxation co-operation with other countries by concluding a Tax Information Exchange Agreement (TIEA) with the Cayman Islands. This is the Isle of Man‘s 33rd TIEA.
The agreement was signed by Hon. G. Wayne Panton MLA, the Cayman Islands’ Minister for Financial Services, Commerce & Environment, in George Town, Grand Cayman on 10th September 2015 and by the Isle of Man’s Treasury Minister, Hon. Eddie Teare MHK in Douglas on 22nd September 2015, and exchanged by post.
Minister Teare said: 'The Isle of Man Government welcomes the signing of this TIEA, which expands our extensive network of tax co-operation agreements around the world. The Cayman Islands and the Isle of Man are both committed to the early adoption of the global Common Reporting Standard of automatic exchange of financial account information, and this TIEA will support the first such exchange between us in 2017.
'Within the Isle of Man we are not immune to the issues of tax avoidance and tax evasion and the Isle of Man receives as well as sends information. The implementation of the Common Reporting Standard, supported by the signing of the TIEA with the Cayman Islands, and with other jurisdictions in coming months, will allow for information to be passed automatically to the Assessor of Income Tax, who will use it to ensure that Isle of Man taxpayers are paying the correct amount.'