Cayman takes the lead in tax transparency
GEORGE TOWN, Grand Cayman, April 26, 2013 /PRNewswire/ -- Cayman is taking a clear stance on anti-evasion tax measures, having communicated to the UK Government its commitment to join the G5 pilot on multilateral automatic exchange of information, a program initiated under the UK's G8 agenda and that will discuss how such an exchange of information could be implemented.
In keeping with recent joint consultations including Cayman's approach to FATCA with the US and UK, Cayman Finance (the private sector body represents the Cayman Islands financial services industry) is pleased to support and continue to work with the Cayman Islands Government in this global fight against those who misrepresent Cayman.
"We are keen to work with the G5 as part of the group that will set a common standard, moving from TIEAs to a multilateral automatic exchange of information for tax purposes," stated Gonzalo Jalles, CEO of Cayman Finance, "and it is of particular importance to note Cayman is the only offshore jurisdiction currently committed to working with the group that will shape the outcome of this initiative."
The multilateral element in practise is a single standard, based on the US agreements, aimed at minimising costs to business and government and the underlying policy, to implement automatic exchange of information to avoid a proliferation of multiple standards across multiple jurisdictions.
Cayman has stood at the forefront of jurisdictions that take a tough stance on tax evasion for many years, for example by implementing the European Union Saving Tax Directive, Financial Action Task Force mutual evaluation, the peer review process of the OECD Global Forum on Tax Transparency, and signing over 30 TIEAS."
Minister for Financial Services, the Hon. Rolston Anglin commented: "By joining the G5 pilot, Cayman is reaffirming its determination to sustain its robust regulatory and legal framework, and we remain committed to continually assessing and enforcing compliance in the pursuit of attracting responsible investors to Cayman."
SOURCE Cayman Finance