Entry into Force of the Tax Agreement between the Government of Japan and the Government of the Cayman Islands
October 17, 2011
- On October 14 (GMT), the Government of Japan notified the Government of the Cayman Islands, of the completion of its internal procedures necessary for the entry into force of “the Agreement between the Government of Japan and the Government of the Cayman Islands for the Exchange of Information for the Purpose of the Prevention of Fiscal Evasion and the Allocation of Rights of Taxation with respect to Income of Individuals (Tax Agreement between the Government of Japan and the Government of the Cayman Islands)” (signed on February 7, 2011). On the same date, the Embassy of Japan in the United Kingdom received the notification for the same effect from the Government of the Cayman Islands. Accordingly, this Agreement will enter into force on November 13, 2011.
- This Agreement provides for a detailed mechanism for the exchange of tax information, with a view to preventing cross-border fiscal evasion and tax avoidance, and also provides for tax exemption with respect to income of individuals such as pensions, for the purpose of promoting personal exchange between Japan and the Cayman Islands. Following the Tax Agreements with Bermuda and The Bahamas, and the Tax Information Exchange Agreement with the Isle of Man, this Agreement is the fourth international agreement focusing on the exchange of tax information that Japan concluded, and it will be expected to contribute to expanding the international information exchange network aiming at the prevention of cross-border fiscal evasion and tax avoidance.
- (*The foregoing is a provisional translation. The date indicated above denotes the date of issue of the original press release in Japanese.)
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