Wed, May 25, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Cayman is prepared to commit to the multilateral convention

Monday, June 10, 2013
Opalesque Industry Update – The Cayman Islands Government today announced that it is prepared to commit to the Convention on Mutual Administrative Assistance in Tax Matters.

It also announced that it has accepted invitations from UK Prime Minister David Cameron to attend two events on 15 June, immediately prior to the G8 Meeting.

The Convention on Mutual Administrative Assistance in Tax Matters is an OECD/Council of Europe multilateral agreement. It is designed to combat tax evasion and aggressive tax avoidance, by promoting cooperation among jurisdictions for the exchange of information among relevant authorities for tax and transparency purposes.

‘Cayman has engaged in substantive discussions with HM Treasury on the particulars of the convention’, said the Premier, the Hon. Alden McLaughlin. ‘We are satisfied that the extension of the convention to our Islands will be done in accordance with the UK’s recognition of Cayman’s fiscal autonomy, and the well-established principle that countries have the prerogative to set their own tax rates’.

He noted that committing to the convention is in line with Cayman’s extensive network of bilateral exchange of information agreements. This includes commitments to US and UK FATCA; the European Union Savings Directive; and the G5 pilot on multilateral automatic information exchange.

‘We agree with the UK’s statement that there is ‘no point in dealing with tax evasion in one country, if the problem is simply displaced to another’, the Premier said. ‘With this in mind, we also agree that there should be equitable adherence, including within the G8 countries, to global tax and transparency standards. This will set the foundation for full and effective participation, by all countries, in the true spirit of these efforts’.

In announcing government’s decision to attend a 15 June private reception with Mr Cameron, and the ‘Open for Growth’ (also called the tax, transparency and trade) meeting, the Premier said that Mr Cameron, in his invitation, acknowledged its interest in seeing the Overseas Territories and Crown Dependencies flourish.

‘This important recognition acknowledges the benefits that international financial centres, like Cayman, contribute to the global economy – including the stimulation of cross-border trade and investment, which grows economies and creates jobs’, he said.

The Premier will attend the private meeting with Mr Cameron; accompanying him to the ‘Open for Growth’ meeting will be the Minister for Financial Services, the Hon. Wayne Panton.

The G8 Meeting will be held 17-18 June in Ireland.

www.gov.ky

Press release

Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Paul Tudor’s hedge fund trims fee amidst poor performance, keep investors[more]

    Komfie Manalo, Opalesque Asia: Paul Tudor’s $11.6bn hedge fund firm Tudor Investment Corp. announced on Monday it would slash down fees of one of its biggest fund to 2.25% of assets and 25% of profits amidst backlash arising from poor performa

  2. West Virginia objects to Alpha Natural sale to hedge fund[more]

    From AP/Heraldcourier.com: West Virginia's environmental authority has filed an objection to the proposed $500 million sale of Alpha Natural Resources' assets to a hedge fund, arguing that the deal could leave the state holding hundreds of millions in reclamation liabilities. The Register-Hera

  3. Mitch Petrick leaves Carlyle as his hedge fund unit suffers losses while assets expand[more]

    Komfie Manalo, Opalesque Asia: Mitch Petrick will be leaving Carlyle Group as head of its hedge funds unit overseeing about $34bn as of March 31, after several funds under his management suffered losses while assets expanded, various media reported. Petrick joined Carlyle in 2010 and was a former

  4. Institutions - Kentucky pension leans into hedge funds amid governance turmoil, Korea's NPS names finalists for initial $1 billion hedge fund-of-funds allocation[more]

    Kentucky pension leans into hedge funds amid governance turmoil From AI-CIO.com: The Kentucky Retirement Systems moved to increase its hedge fund allocation as controversy reigned over fund leadership. Following a string of high-profile hedge fund exits, the Kentucky Retirement Systems (

  5. Fund Profile - The hedge fund that couldn't stay open long enough for a big payday[more]

    From Bloomberg.com: Toby Dodson waited six months for his bet against a fragile Portuguese bank to pay off. But before the reckoning, word came down from his hedge fund bosses at Achievement Asset Management in Chicago: get ready to clear out your desk and unwind your trades, we’re shutting down. Th