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Topic: tax evasion
A new report by the Tax Justice Network places Cayman at the top of the list of countries responsible for global tax losses, estimated at $70 billion for the jurisdiction.
A new study by the European Commission estimates European Union member states lost US$50.7 billion (46 billion euros), about 0.3% of GDP, in tax revenue in 2016 to international tax evasion by individuals.
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.
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.
Six months after the Panama Papers revelations, Panama signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters last week, making it the 105th jurisdiction to join the predominant instrument for transparency and combating cross-border tax evasion.
An independent human rights expert has urged the United Nations to convene a world conference on tax avoidance and tax evasion, the abolition of tax havens and the protection of whistleblowers. “I sincerely hope that the abolition of tax havens and the creation of a United Nations Tax Authority ... will be among Mr. Guterres’s priorities."
Court orders issued last week sought to obtain seven years’ worth of Canadian account-holders’ Cayman Islands correspondent bank records in what Canadian authorities said was an ongoing investigation into tax evasion.
The Bank of N.T. Butterfield & Son Ltd. has made provision for the payment of US$4.8 million, recorded during its financial year which ended Dec. 31, 2015, against the possibility that it could be required to make a settlement payment as the result of an ongoing U.S. federal investigation into tax evasion.
Two investment and trust management companies affiliated with Cayman National Corporation pleaded guilty Wednesday in U.S. federal court to conspiring with American taxpayers to hide about US$137 million in accounts managed by those companies from the U.S. federal tax authority, the Internal Revenue Service.