Sat, Jul 2, 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. Investing - Soros, Druckenmiller among hedgies profiting in market plunge, Hedge funds were most bullish on bonds since 2004 before Brexit, Surprise Brexit vote unleashes scramble for dollars, High-yield hit on Brexit but no panic selling, Scientist turned hedge fund founder lured to pound, euro, Hedge fund avoids commodities, posts big gains[more]

    Soros, Druckenmiller among hedgies profiting in market plunge From HITC.com: Bullish positions in gold and volatility and well-timed short bets on China and emerging markets, among other areas, were some of the trades that benefited hedge funds on Friday as markets digested Britons' s

  2. Manager Profile - A 26-year old hedge fund manager called Brexit — here's what he thinks about the historic vote[more]

    From Businessinsider.com: Taylor Mann is not your typical fund manager. The twenty-six year old Texas A&M graduate manages Pine Capital in Larue, Texas (population 160), where he resides with his three-year old daughter. Also atypical compared with many of the largest funds out there, Mann makes

  3. Chesapeake Partners to liquidate hedge fund amidst 'hostile environment'[more]

    Komfie Manalo, Opalesque Asia: Chesapeake Partners Management, the hedge fund run by woman fund manager Traci Lerner said it would return investors’ money after 25 years because the market environment has become "hostile" to manage other people’s money, reported

  4. Europe - George Soros says Brexit has ‘unleashed’ a financial markets crisis, Brexit—what we know, Will the UK’s departure be a ‘soft-Brexit’ or a ‘hard-Brexit’?, Brexit: Six-point action plan for asset managers[more]

    George Soros says Brexit has ‘unleashed’ a financial markets crisis From Bloomberg.com: Britain’s decision to leave the European Union has “unleashed” a crisis in financial markets similar to the global financial crisis of 2007 and 2008, George Soros told the European Parliament in Bruss

  5. Hedge Fund Due Diligence Exchange offers complete due diligence reports at $1500[more]

    Matthias Knab, Opalesque: HFDDX is offering complete alternative investment due diligence reports at $1500 US. Industry professionals can simply go to www.hfddx.com and indicate their interest in sponsoring one or more DD Reports for $1500 each.