Cayman Leader Promises To Fight EU Tax Initiative

by Amanda Banks, Tax-News.com, London

17 September 2002

Speaking last week, Leader of Government Business in the Cayman Islands, the Hon. McKeeva Bush pledged to fight the European Union's Savings Tax Directive 'even if we have to go to court'.

The Cayman Net News Service reported that Mr Bush made the promise at a public meeting held last week in West Bay, where he cited the EU drive- which could have dire implications for the financial services sectors of all UK overseas territories- as one of the current challenges facing the government.

The local news provider described the Government Leader's speech as 'fiery', and quoted him as observing that 'A man's income is his own and government had no right to tax him'.

'This will not happen under my leadership,' he continued. 'Our public policy of no direct taxation shall remain and those who will not accept that will have to go.'

This follows a recent statement of government policy with regard to foreign tax evasion, in which Mr Bush confirmed that:

'The Cayman Islands has always been a free market capitalistic orientated society and as such has maintained a policy of being a tax neutral jurisdiction, which imposes no direct taxation on any persons living in, or doing business in or from these Islands.'

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