A new double taxation arrangement (DTA) which will facilitate tax information exchange that meets OECD standards, was signed on June 15 by Stephen Timms, Financial Secretary to the Treasury and W McKeeva Bush, Leader of Government Business in the Cayman Islands.

Welcoming the DTA, Mr Timms said:

“Information exchange is a vital tool in ensuring that governments receive the revenues they need to resource the essential public services on which we all depend."

“I would like to congratulate the Cayman Islands Government for signing up to an arrangement which includes unprecedented provisions for tax information exchange that meet international standards of transparency.”

HMRC Permanent Secretary for Tax, Dave Hartnett, added:

“The information exchange provisions in this arrangement meet OECD standards of tax transparency and the agreement is especially welcome for that."

"Information exchange enables us to confront effectively tax avoidance and money laundering whilst ensuring that we all make the right contribution to our public services.”