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G20 endorses tax reform deal

The G20 support of the tax deal was expected after 130 members of the OECD Inclusive Framework on BEPS earlier this month joined a new two-pillar plan to reform international tax rules.

G7 agrees on 15% minimum corporate tax rate

The Group of Seven nations on Saturday agreed on a deal for a minimum corporate tax rate of 15%.

Trade among industrialised nations reaches record high

In a sign of continuing economic recovery since the third quarter of last year, international merchandise trade among G20 nations reached record levels in the first quarter of 2021.

OECD area economic growth slowed in 4Q 2020

The gross domestic product growth of the Economic Co-operation and Development (OECD) area slowed to 0.7% in the fourth quarter of 2020 as most countries posted year-on-year declines.

Slow international vaccine rollout dampens economic outlook

Current difficulties in the manufacturing and supply of the COVID-19 vaccines mean that this year the economic outlook is much closer to the OECD downside scenario published in December.

No global corporate tax reform deal this year

The 137 countries that are trying to reform global rules for corporate taxation to address the challenges presented by the digital economy were not able to reach a deal at virtual meetings last week.

OECD boosts economic outlook

The Organisation for Economic Cooperation and Development on Wednesday presented an improved economic forecast compared to its June outlook, projecting a global GDP fall of 4.5% this year followed by 5% growth in 2021.

OECD unemployment falls

Unemployment in developed countries remains above pre-COVID 19 levels, but in Organisation for Economic Co-operation and Development countries, jobless rates fell on average to...

OECD countries report unprecedented fall in GDP

Following the COVID-19 pandemic-containment measures around the world, real gross domestic product in OECD countries has suffered an unprecedented 9.8% fall in the second quarter of this year.

OECD assesses Cayman’s process to resolve double-taxation disputes

Although the Cayman Islands has no direct taxation, the OECD has released a peer=review report that evaluates Cayman’s efforts to implement BEPS Action 14, which aims to improve the resolution of tax-related disputes between jurisdictions.

Lawmakers pass six financial services bills

Government and opposition members of the Legislative Assembly approved changes to the six financial services laws on Wednesday.

Record fall in G20 GDP in first quarter of 2020

With the implementation of COVID-19-containment measures across the world, real gross domestic product in the G20 area has fallen by 3.4% in the first quarter of 2020, exceeding the GDP decline of 1.5% in the first quarter of 2009 at the height of the financial crisis.

OECD: Extraordinary policies needed to overcome recession

World economic output is forecast to plummet 7.6% this year, before climbing back 2.8% in 2021, if a second outbreak of COVID-19 triggers a return to lockdown measures. If a second wave of infections is avoided, global economic activity is expected to fall by 6% in 2020 and OECD unemployment to climb to 9.2% from 5.4% in 2019.

OECD warns COVID-19 could halve global growth

The Organisation for Economic Cooperation and Development has warned that coronavirus has the potential to wipe out half of economic growth this year.

Out in the Open

Cayman Finance supports government’s intention to introduce a public register of beneficial ownership, when such registers become the norm under international standards.

Tax campaigners: OECD tax reform to increase inequality

Proposals by the OECD for reforming the way technology companies and other multinationals are taxed are likely to benefit rich countries most, an analysis by campaign group Tax Justice Network has found.

Economic growth in OECD area slows to 0.5%

Economic data from the Organisation for Economic Co-operation and Development is confirming ominous signs of an increasingly weaker global economy.

OECD claims tax transparency initiative delivers ‘impressive results’

The automatic exchange of tax information under the common reporting standard are improving tax compliance and delivering concrete results for governments worldwide, the OECD said, citing new data released last week.

International community agrees on roadmap for corporate tax overhaul

The 129 members of the OECD/G-20 Inclusive Framework on Base Erosion and Profit Shifting have agreed on a timeline for reaching a new global agreement for taxing multinational enterprises by the end of 2020.

Corporate tax revenue remains high despite falling rates

Taxes paid by companies remain a key source of government revenues, especially in developing countries, despite the worldwide trend of falling corporate tax rates over the past two decades, according to a new report from the OECD.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Cayman Finance calls Dutch blacklisting of Cayman Islands ‘unusual’

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.

EDITORIAL – EU ‘blacklists’: Raise the Cayman flag, not the white flag

We would challenge the Netherlands, or any of the countries named above, to subject themselves to the same level of intense scrutiny levied upon Cayman. They will never do it, which is prima facie evidence of the hypocrisy afoot in their pious proclamations.

OECD representatives visit Cayman

Following the implementation of new legislation that forces certain companies to demonstrate they have enough economic activity on island to fall under Cayman’s tax regime, high-ranking members of the OECD Centre for Tax Policy and Administration visited the Cayman Islands on Jan. 3 and 4.

Cayman government rejects blacklisting by Netherlands

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.
An aerial view of the business area of downtown George Town, Grand Cayman

Letter: Dutch blacklist and Cayman’s policy of EU ‘appeasement’

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.

Revenues rise amid a shift to corporate and consumption taxes

Tax revenues in advanced economies have continued to increase, with taxes on companies and personal consumption making up a growing share of total tax revenues, according to new OECD research.
An aerial view of the business area of downtown George Town, Grand Cayman

Government proposes substance tests for offshore businesses

Government has released draft legislation that will have far-reaching consequences for parts of the offshore finance industry in the Cayman Islands.

Draft law requires offshore companies to have local offices and staff

Government has released draft legislation that will impact certain offshore companies that are tax resident in Cayman by demanding that they must have an adequate level of economic substance locally.

Change in aid rules could help disaster relief

British Overseas Territories that suffer serious economic decline after a natural disaster could qualify for official development assistance under new international aid rules.

OECD sees global economic growth slowing amid uncertainty

Global growth has peaked following escalating trade tensions, tightening fiscal conditions in emerging markets and political risks that could undermine strong and sustainable medium-term economic growth worldwide.

UK to flout OECD to aid storm-hit territories

The United Kingdom is prepared to flout international aid guidelines and change its own legislation in order to use its foreign aid budget to assist hurricane-hit territories in the Caribbean, according to reports in the U.K.

Rahn: When bureaucratic bullies are in charge

The problem is many of the EU countries have excessively high and prosperity-destroying tax-systems, and hate the competition from countries that provide high levels of government service with far lower tax rates and more efficient systems.

Mitchell: Defend the market economy, defund the OECD

I’m in no mood for diplomatic niceties when dealing with an organization that is pervasively hostile to economic liberty.

Mitchell: Which country pillages its workers the most?

Congratulations to Belgium. According to the new edition of Taxing Wages, average Belgian workers have the dubious honor of surrendering the biggest chunk of their income to government. No wonder part of the country is interested in secession.

International aid rules limit UK’s disaster relief to its territories

Rules governing international aid targets that prevented the U.K. from spending its foreign development aid budget on hurricane-hit territories in the Caribbean are being reviewed.

Rahn: Hiding scandalous behavior behind noble causes

Part of the solution is to shrink the size of the rogue institutions while requiring greater transparency and accountability.

New study offers more nuanced look at offshore finance

When offshore financial centers receive criticism for being “tax havens,” they often counter by pointing to larger countries in Europe and elsewhere that practice many of the same policies decried by the international community.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Caribbean tax revenues rise despite low growth

Tax revenues in Latin America and the Caribbean countries continued to increase in 2015. New revenue statistics show that the average tax-to-GDP ratio in these countries reached 22.8 percent of GDP in 2015, up from 22.2 percent in 2014.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Tax information exchange deadlines extended

The Cayman Islands Department for International Tax Cooperation announced that the 2017 deadlines for notification and reporting obligations under the common reporting standard regulations will be extended by two months. Cayman financial institutions now have until June 30 to register.

Data watchdog: Proposed EU beneficial ownership measures not proportionate

The European Data Protection Supervisor has concluded that proposed amendments to the EU Anti-Money Laundering Directive and efforts to widely share beneficial ownership data are not proportionate in their current form.

OECD assesses Cayman’s tax information exchange regime

A team of expert assessors from the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes visited the Cayman Islands this month to conduct a peer review of the way Cayman applies the Global Forum’s international standards.

Cayman may find itself on EU’s ‘non-cooperative jurisdictions’ list

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.

Cayman Finance CEO talks tax neutrality on ‘BBC World’

During an appearance on the BBC this month, Cayman Finance CEO Jude Scott highlighted the Cayman Islands’ regulatory and transparency regime. “The reality is not all offshore jurisdictions are made the same," he said on the program.

Offshore centers: Panama a Holdout to transparency

As the pressure on the U.K. grows to rein in offshore centers in its overseas territories and Crown dependencies, financial service providers there are saying they have implemented the global transparency standards that are lacking in Panama and elsewhere.

European Union leads tax reform, Ernst & Young finds

European Union member states are driving tax reform with the implementation of recommendations made by the Organization for Economic Cooperation and Development under its base erosion and profit shifting (BEPS) project, a new Ernst & Young report states.

IFC Forum warns common reporting standard will fall short

The IFC Forum, an advocacy group representing financial services and law firms in British offshore financial centers, has questioned whether the new OECD system for tax information sharing will be effective without U.S. participation.

Business in Brief: OECD signing ceremony for anti-tax avoidance project

Ministers and top tax officials from more than 30 countries will sign an international agreement at the Organisation for Economic Co‑operation and Development this week that will “significantly advance the fight against corporate tax avoidance,” the OECD said.

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