28-May-2014

Cayman, Colombia to Exchange Tax Information under Convention

With the coming into force, in the Cayman Islands on 1 January 2014, of the Convention on Mutual Administrative Assistance in Tax Matters; and the anticipation of its coming into force in Colombia on 1 July 2014, Cayman and Colombia will have in place a signed instrument that allows for the exchange of information for tax purposes in accordance with the international standard.

Colombia therefore has confirmed that Cayman’s participation in the convention is sufficient to remove Cayman from Colombia’s Tax Haven List (Non-Cooperative Jurisdictions). Accordingly, under Colombia’s Decreto Número 2193 de 2013, its Tax Haven List will be revised in October 2014.

Cayman and Colombia are among the jurisdictions that have committed to the early adoption of the OECD’s Common Reporting Standard for the automatic exchange of tax information; and they are members of the Global Forum on Transparency and Exchange of Information for Tax Purposes.

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