Over the last two days technical negotiating teams from the Cayman Islands and the Kingdom of the Netherlands reportedly have finalised the terms of an agreement and protocol for a tax information exchange agreement (TIEA). The proposed TIEA was drafted during meetings in George Town yesterday and today, with the text being initialled by both parties.

Attorney General, Hon. Samuel Bulgin, QC, JP, led the Cayman Islands delegation while Mr. Rob van Kuik, International Tax Counsellor for the Netherlands Ministry of Finance, led his country’s delegation

The draft agreement – which covers many of the standard provisions in the OECD Model Tax Information Exchange Agreement – is to be submitted for formal approval by the Cabinet and Parliament in Cayman and the Netherlands.

Both delegations welcomed the efforts and commitment by the two jurisdictions to conclude a TIEA in a timely manner, noting that the agreement will provide an internationally recognised framework for the exchange of tax information.

Cayman’s Attorney General was joined by Solicitor General, Ms. Cheryll Richards; Cayman Islands Monetary Authority Managing Director, Mrs. Cindy Scotland, and Cayman Islands Stock Exchange Chairman, Mr. Anthony Travers, OBE.

For the Kingdom of the Netherlands, Mr. van Kuik was joined by Mr. Maikel Evers, Policy Advisor in the Ministry of Finance, and Mr. Anthonie van Baarle, Head of the Mutual Assistance Unit of the Netherlands Information and Investigation Service.