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Topic: Tax Information Authority
A peer review finds the Cayman Islands is one of 54 jurisdictions that have fully implemented legal frameworks for the automatic exchange of tax information, a main tool to fight cross-border tax evasion.
Government and opposition members of the Legislative Assembly approved changes to the six financial services laws on Wednesday.
Government has released a bill aims to strengthen compliance, enforcement and cooperation functions of the Tax Information Authority. The Tax Information Authority (Amendment) Bill, 2020 was gazetted on Friday, 29 May and will be presented by the Minister of Financial Services at the next meeting of the Legislative Assembly.
EY Cayman announced the addition of a new partner, LaNishka Farrington-McSweeney.
The Cayman Islands and other U.K. Overseas Territories have agreed to implement centralized registers of beneficial owners of companies or “similarly effective systems” at the Overseas Territories Joint Ministerial Council Meeting this week.
The United Kingdom is seeking direct access by its law enforcement agencies to information about the beneficial owners of companies and other entities in the Cayman Islands and other Overseas Territories.
Two Cayman residents are challenging a decision by the Tax Information Authority to comply with a tax information exchange request by the U.S. Internal Revenue Service.
The Cayman Islands Tax Information Authority acted unlawfully when it handed over a trove of documents on two Cayman registered companies to Australian investigators, the Court of Appeal has ruled.
More than 90 jurisdictions around the world have committed to the implementation of the common reporting standard.
A roundup of local business briefs.
The Cayman Islands Department for International Tax Cooperation has launched an Automatic Exchange of Information portal that allows Cayman’s financial institutions to register and report customer data under the U.S. Foreign Account Tax Compliance Act.
Government ministries comply - in varying degrees - with directives to proactively release credit card statements.
A U.S. businesswoman accused of using Cayman Islands bank accounts to dodge more than $7 million in taxes challenges the use of information obtained by the U.S. Internal Revenue Service.
The Cayman Islands Tax Information Authority has to pay the court costs of two companies which successfully challenged the exchange of their tax information in a judicial review last year, even though the verdict is under appeal.
Australian authorities have dropped tax evasion and money laundering charges involving entities in the Cayman Islands.
Law students visit Cayman to learn about the financial industry and how it works.
Cayman Finance will host another seminar about international tax developments Thursday, Jan. 23.
As 2014 draws to a close, the Compass reviews some of the key events and news stories of the Cayman Islands over the past 12 months.
A new low cost fund with a fast track registration process in Bermuda is not going to threaten Cayman’s leading position in funds just yet
The Cayman Islands and the United States signed an agreement last week that will be the basis for the automatic exchange of tax information under the U.S. Foreign Account Tax Compliance Act.
Cayman Finance is hosting a seminar aimed at anyone interested in learning more about the latest international tax initiatives
Privacy rights are under assault, around the world and in Cayman.
Writer proposes solutions to problems posed by the Tax Information Authority and an Australian court.
An Australian court has defied a Cayman judgment that tax information unlawfully handed over by the Cayman Islands Tax Information Authority should be returned and not used in Australian tax evasion proceedings.
The Cayman Islands Grand Court quashed a decision by the Tax Information Authority to provide information to the Australian Taxation Office.
Scrutiny of the financial affairs of the US and US-affiliated citizens in the Cayman Islands came a giant step closer on Tuesday as local and Washington officials announced they had initialled tax-information-exchange agreements.
An independent assessment by the Global Forum on Transparency and Exchange of Information for Tax Purposes has concluded the practical implementation of international standards for transparency and tax information exchange has been “successful” in the Cayman Islands.
While Washington tax authorities have concended some breathing space, next Tuesday marks the start of a protracted process that promises uncertainty and expense for anyone with a financial relationship to the US
The Cayman Islands and Italy signed a tax information exchange agreement during a ceremony on Monday, 3 December, in London. It is the 30th agreement of this type the Cayman Islands has concluded.
The UK government rejected calls by the International Development Committee of the House of Commons for a UK version of the US Foreign Account Tax Compliance Act, which would require tax authorities to exchange information relating to UK citizens or corporations.
20 law students from the University of Alabama School of Law spend a week in the Cayman Islands as part of their studies to gain insight into the offshore financial services offered here. It is the eighth year that Professor Andrew Morriss has brought a class of students to the Cayman Islands, but for the first time with the University of Alabama.
Dax Basdeo has been appointed chief officer, Financial Services, in the Ministry of Finance, Tourism and Development.
An outline of the government's overall strategic objectives was given by the Hon. McKeeva Bush, leader of government business and minister of the Financial Services, at a recent financial services retreat for all government entities.
The Organisation for Economic Development and Co-operation has spearheaded efforts to tackle the issues of tax evasion, harmful tax competition and tax havens since 1996 when it formed the Forum on Harmful Tax Practices.
I do not usually respond to letters in the newspaper directly, but Mr. Truman Bodden and Mr. John McLean's letter in the 28th April edition of your publication demands a response because of what the writers do not say.
Seven more countries, in Europe, are to receive tax information assistance from Cayman - without recourse to bilateral treaties - under the Tax Information Authority Law introduced last year.
The timing of a Cayman Islands Government delegation, led by Leader of Government Business Kurt Tibbetts, to Washington D.C. from 4-6 March has proven fortuitous with the tabling of two anti-tax haven bills Monday.
Those in the community who value the democratic process in action will be disappointed and saddened by the way in which the Legislative Assembly last week enacted the amendments to the Tax Information Authority Law.
Former Cayman Islands Monetary Authority Chairman Tim Ridley makes a very interesting point in a letter to the editor in today's newspaper about last week's rushed passing in the Legislative Assembly of the Tax Information Authority Law.
Leader of the Opposition McKeeva Bush lashed out at the government for rushing through in important amendment to the Tax Information Authority Law (2005) without substantial financial industry consultation beforehand.
Financial Secretary Kenneth Jefferson tabled the Tax Information Authority Bill 2005 in the Legislative Assembly on Thursday, saying safeguards in it would prevent foreign governments from going on "fishing expeditions" for financial information in the Cayman Islands.
The fifth meeting of the 2004/2005 Session of the Legislative Assembly will begin at 10 am Thursday.