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UK Will Not Impose Direct Rule On Caymans Over EU Tax Directive

by Amanda Banks, Tax-News.com, London

09 December 2003


According to a report by Cayman Net News, the British government will not resort to the drastic measure of imposing direct rule on the Cayman islands in order to force the jurisdiction to adopt the provisions of the European Savings Tax Directive.

In a statement given to the news service, Kate Joad, of the Governor’s Staff Office said: “There is no question (possibility) that constitutional government in the Cayman Islands will be suspended and direct rule from Britain imposed.”

She added: “The British government has consistently given the message that it is seeking less, not more, constitutional responsibility for the Territories.”

However, desspite of the protests of the Cayman government, it seems that the UK government is intent on seeing the provisions of the Directive imposed in the Caribbean jurisdiction, most likely through legislation.

Last week, the Financial Times revealed that at a meeting held in London, UK Paymaster General Dawn 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.

“Of course, the British government would rather this was not necessary, but remains committed to having all of the Territories on board (for the EU tax initiative),” explained Ms Joad.


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