Making tax exchanging easier

The exchanging of tax information from Cayman to the rest of the world has gotten a whole lot easier. Financial Services Minister Hon. Wayne Panton Friday (13 March) announced details of a new online system.

The portal will enable Cayman financial institutions to comply with their reporting obligations under domestic law, and in accordance with inter-governmental agreements including US FATCA

“This is a global initiative,” said Minister Panton.

“Its not one that Cayman is simply adopting of its own initiative. It is a global standard. Cayman as a global player in the global financial architect of the world needs to meet global standards and comply with global obligations.”

Government was quick to point out that extensive securing measures are in place to ensure sensitive financial information placed online remains safe.

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