On the back of its participation in the Convention on Mutual Administrative Assistance in Tax Matters, the Cayman Islands has been officially removed from Colombia’s Tax Haven List.
The convention came into force in the Cayman Islands on 1 January 2014; and in Colombia, on 1 July 2014. Through the convention, the two countries now have in place a signed instrument that allows for the exchange of information for tax purposes in accordance with the international standard.
Colombia announced its intention to remove Cayman from its Tax Haven List (Non-Cooperative Jurisdictions) in May this year.
Now, Cayman and Colombia have also signed the formal Declaration on Joining the Multilateral Competent Authority Agreement (MCAA), which was developed by the OECD in cooperation with G20 countries.
The MCAA, which represents the new global standard of automatic exchange of taxpayer information, was signed by more than 50 countries after the 7th meeting of the Global Forum for Transparency and Exchange of Information for Tax Purposes, held in Berlin.
Convention on Mutual Administrative Assistance in Tax Matters, Cayman, MCAA