By the Caribbean Journal staff

The Cayman Islands and China announced an agreement on the exchange of tax information, following a formal signing today.

The agreement was signed by Cayman Premier McKeeva Bush and China’s Madame Song Lan, the State Administration of Taxation Deputy Commissioner and Vice Minister.

“This is the 26th signed agreement for exchange of information for tax purposes,” Bush said. “The People’s Republic of China has become another member of the G20 group of countries to have a TIEA with the Cayman Islands.”

Bush said the agreement was a step toward enhancing the relationship between the two parties.

“With China being one of the fastest growing economies in the world, we are confident that this TIEA will contribute positively to economic activity between the two countries.”