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. Primarolo Issues Ultimatum To Cayman Islands

Primarolo Issues Ultimatum To Cayman Islands

by Amanda Banks, for LawAndTax-News.com, London

02 December 2003


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.


To see today's news, click here.

 















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 »