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22 Mar 2011

Cayman Islands Secures Tax Agreement with India

HedgeCo News - The Cayman Islands signed its twenty-second Tax Information Exchange Agreement (TIEA) with India yesterday.

The Cayman Islands is on the Organisation for Economic Cooperation and Development's (OECD) 'white list' of jurisdictions that implement international tax standards for investors such as hedge funds and other alternative investors.

"Our Government has a strong working relationship with our Indian counterparts, and we look forward to implementing the terms of this TIEA", Premier W. McKeeva Bush said.

Signing the agreement on behalf of India was India’s High Commissioner to The Bahamas, the Cayman Islands and Jamaica, Mohinder S. Grover.

"Both countries are members of the OECD Global Forum Global Forum on Transparency and Exchange of Information for Tax Purposes, and are involved in the Peer Review Process; therefore ensuring the effective implementation of the international standards of transparency and exchange of information for tax purposes," the Premier added.

Speaking on behalf of the Cayman Islands International Tax Cooperation Team, George McCarthy commented, "It is further anticipated that this Agreement will continue to pave the way in enhancing the business relationship between our two countries. The TIEA will provide a common ground upon which the Cayman Islands and India can exercise mutual cooperation and focus on increasing investment funds business in the Cayman Islands."