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Agreement with Ireland

Published 2nd April 2009, 12:0am

The Cayman Islands Government today announced that it has included Ireland in domestic law arrangements that provide access to comprehensive information assistance in relation to tax matters.
Ireland, Japan, the Netherlands and South Africa now join eight other countries that will be given tax information assistance to OECD standards under new Cayman Islands legislation, which does not require a bilateral treaty. The Cayman Islands has also made similar commitments to exchange information under eight bilateral tax information agreements, which include recent agreements with the Nordic countries as well as an existing agreement with the U.S. signed in 2001.
The listing of countries, which now includes Ireland, is under Cayman legislation introduced in 2008 that unilaterally delivers on Cayman’s commitment to the OECD to introduce transparency and exchange of information in tax matters.
This development will allow the Revenue Commissioners to request information from the Cayman Islands’ authorities that is relevant to an Irish tax investigation. Such information would typically relate to bank accounts or the beneficial ownership of companies or trusts.
Ireland welcomes this initiative by the Cayman Islands to implement the OECD standards and, in particular, the inclusion of Ireland in the statutory list of countries to which it will provide information. This represents a very positive development in relations between Ireland and the Cayman Islands.
The Irish and Cayman authorities will work together in a spirit of cooperation to examine the scope for introducing other measures to further enhance their bilateral relationship.
Background Note
Tax Information Exchange Agreement
The arrangements announced today will allow the Revenue Commissioners to request information from their Cayman counterparts that is relevant to an Irish tax investigation. Such information would typically relate to bank accounts or the beneficial ownership of companies or trusts.
The arrangements are as a direct result of work undertaken by the OECD in relation to transparency and exchange of information in tax matters. In 2001 the Cayman Islands committed to work with the OECD to develop these principles.
In 2002 an OECD group, in which Ireland and Cayman participated, developed the OECD Model Tax Information Exchange Agreement. Since then OECD member countries have been involved in negotiations to conclude bilateral TIEAs with those jurisdictions that have committed to the OECD principles. To date, approximately 50 such agreements have been concluded between OECD countries and various jurisdictions.
Ireland has recently signed TIEAs with Isle of Man, Jersey and Guernsey and will be pursuing opportunities to conclude other such agreement. The inclusion of Ireland in the recent Cayman domestic legislation provides the same access to information as would arise under a TIEA.