Cayman Finance, the body representing the finance industry of the Cayman Islands, on October 28 applauded measures proposed by senior US Congressmen with regard to the Foreign Account Tax Compliance Act of 2009.
According to Cayman Finance, the new proposal does away with the "damaging features" of Senator Levin's Stop Tax Haven Abuse Act, which would rely on "lists" and other provisions that would discourage corporations and other financial entities from conducting lawful business in Cayman and providing funding into the United States.
Cayman Finance Chairman Anthony Travers announced that:
"Cayman Finance commends Chairman Baucus, Chairman Rangel and their colleagues for their leadership on this important issue. This proposal is entirely consistent with the approach suggested by Cayman Finance in our many meetings with these and other US policymakers."
The new Senate-House proposal sets in place practices that will clamp down on jurisdictions which still practice tax evasion, and aims to improve taxpayer compliance by giving the US Internal Revenue Service new administrative tools.
The Foreign Account Tax Compliance Act aims to force foreign financial institutions, foreign trusts and foreign corporations to provide information about their US accountholders, grantors and owners.
According to Cayman Finance, the government and financial firms in the Cayman Islands have supplied full financial information and tax information for many years under the 1990 and 2001 treaties with the United States. The Cayman Islands have also signed tax transparency treaties with the European Union and more than 12 other jurisdictions."Cayman Finance is confident that enactment of the US legislation proposed by the two chairmen will contribute significantly to the certainty and stability that the capital markets require, as well as the ability of the Cayman Islands to continue to successfully fund United States institutions from those markets," Cayman Finance concluded.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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