According to a Financial Times report, UK Paymaster General, Dawn Primarolo on Monday delivered an official ultimatum to the Cayman Islands, warning the jurisdiction's government once again that if it fails to implement the European Union's Savings Tax Directive voluntarily, the United Kingdom will legislate on its behalf.
The FT revealed that at a meeting held in London, Ms Primarolo told Cayman officials that the UK government is willing to allow the dependent territory certain tax concessions if it agrees to implement the directive, but that it will not hesitate to enforce compliance if cooperation is not forthcoming.
Speaking to the business daily, Caymanian Leader of Government Business, the Hon. McKeeva Bush explained his government's position on the issue.
"We believe we could lose business," he revealed, adding that: "This industry employs a large proportion of our workforce and losing revenue means our people are going to be hurt."
Although Mr Bush condemned the UK's stance on this matter, likening it to a slave master, he hinted at the possibility of a compromise in return for better access for the Cayman Islands' financial products to EU markets, according to the FT.
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