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Premier Alden McLaughlin said his trip to the UK to address the European Union’s blacklisting of Cayman and other trade matters was “successful”.
The European Union is set to place the Cayman Islands on its list of uncooperative countries in tax matters at a European Council session next week. The move comes less than a month after the UK has exited the EU.
The European Union will reveal a new methodology for its anti-money laundering blacklist of third countries by October. A previous blacklist was blocked by EU governments after a diplomatic row over the listing of Saudi Arabia and four US overseas territories.
The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters.
The European Union on Friday removed Bermuda, Aruba and Barbados from its list of uncooperative jurisdictions in tax matters.
European Union finance ministers are set to remove Bermuda, Barbados and the Dutch Caribbean island of Aruba from its tax blacklist on Friday, according to an unnamed EU official cited by Reuters and Bloomberg News.
On March 12, government and the financial sector awaited with bated breath the outcome of the European Union’s evaluation of Cayman’s tax regime.
Cayman’s exclusion from the latest European Union tax blacklist gives little cause for celebration, coming as it does with significant strings attached.
Bermuda’s Premier David Burt called the island’s tax blacklisting by the European Union a “setback,” but said that, as of Wednesday, he believes Bermuda is compliant with EU requirements and should be removed at the next EU Council meeting in May.
The European Union has not added the Cayman Islands to an expanded EU tax blacklist, but the council of EU finance ministers said Cayman will have to amend its legislation by the end of this year.
European Union governments are set to block the European Commission’s draft dirty money blacklist after all 28 EU member states objected to the way countries were selected for their alleged anti-money laundering deficiencies.
Government has published a guidance booklet to help companies comply with the territory’s economic substance legislation, which was passed by legislators last year in an attempt to avoid European Union tax blacklisting.
The European Commission released a blacklist of 23 non-EU countries which the European body says have strategic deficiencies in their anti-money laundering and counter-terrorism financing frameworks.
As a rule, Compass editors are cautious about indulging in the temptation of attempted prognostication. However, there are some issues and themes, classified as “in progress” or “recurring,” that we expect to find ourselves writing about in the coming year.
The organization that represents Cayman’s financial services industry has rejected the inclusion of the Cayman Islands on a Dutch tax blacklist, stating that Cayman does not pose a risk of aggressive tax avoidance.
The Cayman Islands government has issued a statement saying it “regrets” that the Netherlands had chosen to break from other EU member states by establishing its own “blacklist” of 21 jurisdictions, including the Cayman Islands.
By issuing a “blacklist” of 21 low-tax jurisdictions (including the Cayman Islands), the Netherlands has demonstrated that it is full of … well, call it “gall.”
The difficulty of attempting to deal with the EU and the OECD in relation to their ridiculously entitled ”harmful” tax practices initiative, whether through the introduction of economic substance legislation or howsoever, is well illustrated today by that paragon of tax avoidance techniques The Netherlands which, when I last looked, was a member of the EU, now introducing its independent “black list” including the Cayman Islands.
The Netherlands has compiled a new list of 21 low-tax jurisdictions, including the Cayman Islands, to fight tax evasion, according to the Dutch ministry of finance.
Financial Services Minister Tara Rivers has returned from her meeting with officials in Brussels about Cayman’s inclusion on the European Union’s list of non-cooperative tax jurisdictions, but government has provided little detail about what was discussed at the meeting or what Cayman may have to do by the end of the year to avoid being blacklisted by the EU.
Minister of Financial Services Tara Rivers will meet EU officials in Brussels this week to continue government’s discussions about the EU’s list of non-cooperative tax jurisdictions.
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.
The EU has drawn up a list based on tax information exchange and fair tax criteria that non-EU countries have to meet to avoid potential punitive measures.
The Council of the European Union announced Tuesday that the EU has amended its blacklist of jurisdictions that it deems uncooperative in tax matters, removing eight jurisdictions from that list.
The “real victims” of divorce are often the children. We hope that doesn’t hold true for “colonial children,” including the Cayman Islands, in the context of England’s protracted separation from the European Union, known commonly as “Brexit.”
U.K. newspaper The Independent has linked the annual review of the EU tax blacklist, and the potential inclusion of Cayman and other offshore territories that were until now left off the list, to the outcome of Brexit negotiations between the European block and the U.K.
Cayman’s inclusion on a graylist of countries that have promised to address certain deficiencies by the end of 2018 leaves the Cayman government in the difficult position of not knowing what exactly it has committed to.
After weeks of media fanfare, coinciding with the release of the Paradise Papers, and political horse trading behind the scenes, the EU has released a list of 17 countries it considers uncooperative in tax matters.
A Cayman delegation left for London Friday with little more than a week left to appeal to U.K. and European officials against its potential inclusion on a financial services “blacklist” being promulgated by the European Union group of finance ministers [ECOFIN].
There comes a point in every failed negotiation where the words used should indicate that there is no possibility whatsoever of reaching an agreement with the negotiating party. In the present case, this is because the negotiating party, here the European Union, has no intention whatsoever of doing so.
Cayman has committed in principle to a project reforming the application of tax rules in cross-border business to combat the erosion of tax bases and the artificial shifting of profits to low or no-tax jurisdictions.
Cayman could find itself on a new EU list of “non-cooperative jurisdictions” in tax matters after the European Council of finance ministers published the criteria for including third countries in the blacklist last week. In September, the EU Commission named Cayman in a list of countries that should be examined more closely.