New York (HedgeCo.net) – The Cayman Islands has signed a tax information exchange agreement (TIEA) with Canada. Canada’s representative, Stephen Hallihan, signed the agreement on behalf of the Government of Canada.
“The signing of this important bilateral agreement marks a significant milestone in the long-standing relationship between the Cayman Islands and Canada,” McKeeva Bush, the Cayman Island’s Premier said. “It is well known that Canada’s top financial institutions have had retail and institutional operations in the Cayman Islands for more than 45 years, but the ties our two countries share go far deeper. They extend to educational opportunities for Caymanian youth, professional experience for Canadian practitioners and a mutual admiration that has brought together many Canadian and Caymanian families.”
The Premier also outlined future opportunities for mutual growth and development between the Cayman Islands and Canada associated with the agreement, specifically mentioning that the TIEA will result in favourable tax treatment for active business income earned by Cayman subsidiaries of Canadian companies.
Editing by Alex Akesson
For HedgeCo.net
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