U.S., Cayman Islands Reach Tax Deal


U.S., Cayman Islands Reach Tax Deal

by Joseph M. Donegan on August 28, 2013

Falling in line with the push for greater global collaboration to combat tax evasion, the

United States and the Cayman Islands have reached a tax deal to fight violations.

The partnership - which is partially designed to encourage other low-tax and favorable

tax havens to join the U.S's anti-tax evasion legislation - means that the highlyscrutinized

Cayman Islands will participate in the Foreign Account Tax Compliance Act

set to take effect in July 2014. More specifically, the agreement "will provide certainty to

Cayman's significant fund industry with respect to FATCA implementation," said Robert

Stack, the U.S. Treasury Department's deputy assistant secretary for international tax

affairs, according to Reuters.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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