Topic: graylist

Minister for Financial Services Tara Rivers will travel to Brussels to discuss Cayman’s tax system with EU officials after Cayman last year narrowly avoided being included on a blacklist of countries deemed uncooperative in tax matters.

The Ministry of Financial Services met with members of Cayman’s financial services industry associations to discuss several commitments made to the European Union Code of Conduct Group for Business Taxation (EU COCG) as part of its evaluation of jurisdictions for tax purposes.

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.