A team of expert assessors, from the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, recently visited the Cayman Islands to conduct a peer review, which assesses how our jurisdiction applies the Global Forum's international standard for exchanging tax information upon request.
'Exchange of tax information upon request' refers to the ability of countries, through specific government authorities and legal channels, to request and exchange tax information in order to support tax compliance.
The assessors conducted the 'onsite' portion of the Global Forum Peer Review from Monday, 9 January to Wednesday, 11 January.
The peer review was formally launched in in September 2016. In preparation for this month's onsite visit, the Global Forum issued a detailed questionnaire to the Ministry of Financial Services for completion on Cayman's application of the international standard.
'We now look forward to working with the Global Forum over the coming months to finalise the report', said Minister of Financial Services Wayne Panton. 'Given our track record on tax cooperation over the years, we remain optimistic that our regime is in line with global standards'.
The expert assessors are selected by the Global Forum to conduct the peer reviews and do not represent the organisations for which they work. Cayman's three expert assessors were Ms Mary O'Leary of the Global Forum Secretariat; Mrs Virginia Tarris, from the US Internal Revenue Service; and Mrs Mukhta Toofanee, from the Mauritius Revenue Authority.
Cayman's intensive three-day assessment was hosted by the Ministry of Financial Services. In addition to Minister Panton, the assessors met with the Hon. Attorney General; the departments for International Tax Cooperation, and Financial Services Policy and Legislation; the Cayman Islands Monetary Authority; General Registry; the Financial Reporting Authority; and the Cayman Islands Compliance Association.
All of the Global Forum's 137 member countries, including Cayman, will be assessed during this current round of peer reviews. The reviews are conducted under the Global Forum's revised and strengthened terms of reference, which assess each member country's legal framework and importantly, the effectiveness of their practical implementation, of the international standard.
Minister Panton thanked all agencies and associations for meeting with the assessment team, and for providing both data and context regarding Cayman's well-established international tax cooperation framework.
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