JOURNAL: Gov’t plans public consultation on ‘economic substance’ changes

Cayman’s Minister for Financial Services Tara Rivers speaks during a Centre for European Policy Studies seminar in Brussels on May 23. Also speaking were Pascal Saint-Amans, director of the OECD Centre for Tax Policy and Administration, left, and Jeppe Kofod, Member of the European Parliament, right. CEPS’ CEO Karel Lannoom, second from left, moderated.

When late last year, Cayman avoided being placed on an EU tax blacklist by committing to remedy, before the end of 2018, what the EU called a lack of economic substance of Cayman-based entities, few knew what exactly the Cayman Islands government had promised to do.

Now, with only five months left in the year, little has changed.

While the commitment letters of other jurisdictions, like the British Virgin Islands, Bermuda, the Isle of Man or Guernsey, can be read on the European Council’s website, Cayman’s letter has not been made public.

To read the rest of the story, visit the Cayman Islands Journal website.