Signing of the Tax Agreement between the Government of Japan and the Government of the Cayman Islands
February 7, 2011
- 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) was signed on February 7, 2011, in London(the U.K.) by Mr. Hitoshi Noda, Charge d'Affaires ad interim of Japan to the U.K. and The Hon. W McKeeva Bush, the Premier of the Cayman Islands Government.
- 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. This Agreement is the third international agreement focused on the exchange of tax information that Japan signs, following the Tax Agreements with Bermuda and The Bahamas, and it will be Japan's practical contribution in expanding the international information exchange network aimed at the prevention of cross-border fiscal evasion and tax avoidance.
- The Governments of Japan and the Cayman Islands will notify each other of the completion of their respective internal procedures necessary for the entry into force of this Agreement (in the case of Japan, approval by the Diet will be necessary) and the Agreement will enter into force on the thirtieth day after the latter of the dates of receipt of the notifications.
- (*This is a provisional translation. The above date denotes the date of the issue of the original press release in Japanese.)