Above: the Cayman Islands Legislative Assembly (CJ Photo)

By the Caribbean Journal staff

The Cayman Islands and Italy signed a tax information exchange agreement on Monday.

“We are pleased to see this tax information exchange agreement come to fruition, and we note that Italy is in the final of the G7 countries to have a TIEA signed with the Cayman Islands,” he said.

Premier McKeeva Bush signed the pact on behalf of the Cayman Islands, while Italian Ambassador to the UK Alain Giorgio Maria Economides signed on behalf of Italy.

Bush said that, as fellow Global Forum and Peer Review Group members, the Cayman Islands and Italy “already have a working relationship.”

“I congratulate the officials from both our countries that negotiated it,” Economides said. “I particularly congratulate the Cayman Islands Government for reaching the very high standards set by the OECD.”

Italy is the 30th country with which Cayman has signed such an agreement.

“All of us who have signed these agreements are doing our duty to ensure that we have transparency and cooperation in taxation and international finance,” Economides said. “But that can also lead to cooperation in other matters, which is good for people and businesses in both our countries. This openness and trust can lead to more trade and tourism and harmony between peoples and countries.”