Cayman Islands

Cayman Islands Refutes Tax Haven Label

CEO of Cayman Finance, Jude Scott
Cayman Islands Refutes Tax Haven Label

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.

Source/Tax News

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cayman Islands

More in Cayman Islands

Cayman Islands Has Caribbean’s Highest Hotel Prices, Study Finds

December 8, 2017

Paradise Papers Fallout More About “Data Protection Than Tax” – Cayman Islands Conference

November 15, 2017

Cayman Islands Defends Integrity of Its Offshore Financial Sector

November 8, 2017

Cayman Premier: Government to Focus on ‘Social Issues’

July 12, 2017

Jeff Webb Associate Bruce Blake Arrested In Cayman Islands On Corruption Charges

July 3, 2017

Cayman Islands: New Governor Announced

June 27, 2017

Widescale Release of ‘Zika-Fighting GM Mosquitoes’ Approved in Cayman Islands

June 21, 2017

Former Cayman Football Official Pleads Guilty In Corruption Scandal

May 26, 2017

Cayman Islands: Election Over, Scramble For Gov’t Begins

May 26, 2017
You Can Advertise Here
"The other side of the news!"
Copyright © 2015 Carib Flame. Follow us on Twitter @caribflame