CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Cayman Islands Refutes Tax Haven Label

Cayman Islands Refutes Tax Haven Label

by Mike Godfrey, Tax-News.com, Washington

27 October 2017


Jude Scott, CEO of the Cayman Islands' financial services promotion agency, Cayman Finance, has taken aim at a report labeling the territory as a "tax haven."

The report on international financial centers, issued by the non-profit US Public Interest Research Group and the Institute on Taxation and Economic Policy, also criticizes the territory for being slow to release private financial records and facilitating financial secrecy.

Scott responded to the criticism leveled at the territory noting that, not only is the Cayman Islands "transparent," it has adopted more than twenty global financial standards and adheres to both the US FATCA rules and the OECD's Common Reporting Standard.

"We meet none of the descriptions used by entities such as the OECD or Transparency International to define a tax haven. In fact, our system purposefully lacks any laws or regulations like double taxation treaties or foreign incentives that support the shifting of a tax base by foreign entities to avoid corporate taxes in their home jurisdictions," said Scott.

"Reports such as this conveniently overlook how international finance centers like the Cayman Islands observe their commitment to global standards for transparency and cross-border information sharing with law enforcement and tax authorities," added Scott.

While acknowledging every jurisdiction is at risk from those who attempt to get around the systematic safeguards, Scott said the laws and regulations adopted by the Cayman Islands make it a strong international partner to address such concerns.

TAGS: Finance | tax | FATCA | law | financial services | international financial centres (IFC) | Organisation for Economic Co-operation and Development (OECD) | Cayman Islands | enforcement | transfer pricing | standards | regulation | services | Tax | BEPS

To see today's news, click here.

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 











Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »