For a few years we have been experiencing an increased scrutiny in our business – driven by global attempts by countries around the world to improve their tax collection capability. FATCA, unilaterally imposed by the US, was probably the biggest accelerator of this process. It allowed countries, without the ability to impose such a system, to propose and implement a similar system of automatic exchange of information which is bound to become the new standard.
Last week, the Cayman Islands Government amended the Tax Information Authority Law to officially and legally allow for the automatic exchange of information for tax purposes a reality.
This amended Law is the final and formal confirmation to those that still dream of days long gone, or believe that some how Cayman is still involved in facilitating tax evasion, of the new era we live in.