Topic: tax
Top lawyer welcomes US beneficial ownership policy
A US Treasury decision to sideline new legislation designed to make domestic company ownership details open to the public has been welcomed by a top Cayman lawyer.
Telecoms company challenges ‘unfair and unlawful’ tax
Telecoms regulators may have been erroneously charging taxes that have no basis in law, according to a lawsuit filed by internet provider C3 which a panel of judges has ruled can proceed to trial.
Financial industry unconcerned about new global tax rate
The Cayman Islands has nothing to fear from a new global minimum corporate tax rate, financial industry leaders insist.
Danish tax office seeks Cayman information in alleged fraud scheme
Denmark’s national tax authority, Skatteforvaltningen or SKAT, is seeking discovery from 21 corporate service providers in Cayman and the British Virgin Islands, whose clients are suspected of being involved in a US$2.1 billion tax refund fraud.
EU blacklist: Reputational pressure to achieve October removal
The local financial services industry is sanguine that the EU’s decision to put the Cayman Islands on its list of uncooperative jurisdictions in tax matters will be short-lived. At least for now.
Most advisors to hedge funds like offshore law firms or fund-governance firms describe the move as a temporary “technical listing” that is merely the result of bad timing.
EU adds Cayman to blacklist
The European Union has added the Cayman Islands, together with Palau, Panama and the Seychelles, to its list of non-cooperative tax jurisdictions at a meeting of the bloc’s finance ministers on Tuesday.
EU blacklist: Opposition, industry support government’s efforts
Opposition and industry representatives have expressed support for the government’s ongoing dialogue with the European Union and efforts to have Cayman taken off a list of uncooperative tax jurisdictions.
Global corporate tax reform could raise $100 billion annually
Efforts to address the tax challenges from the digitalisation of the economy with new rules governing where and on what portion of profits taxes...
International tax evasion by EU nationals amounts to US$50B per year
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.
EDITORIAL – The true experts in global finance are here at home
Cayman’s exclusion from the latest European Union tax blacklist gives little cause for celebration, coming as it does with significant strings attached.
OECD: income tax rises, corporate stays low
Personal income taxes are playing an increasingly significant role in the tax mix as revenues from social security contributions and consumption taxes fall, and corporate tax collections remain low.
Survey: Citizens in G-20 countries favor gov’t cooperation over tax competition
The overwhelming majority of people in G-20 countries believe that cooperation between governments on tax policy is more important than competition to increase national tax revenue.
Tortuous tales of 1040 taxes
If you’re about to spend some eight to 22 hours to prepare your federal income tax Form 1040 before the April 18 deadline, well, good luck.
EDITORIAL – Red letter alert: It’s ‘Tax Day’ for Americans
Attention, Americans: Take the champagne off ice; cancel the catering. Today, April 18, is not a holiday to be celebrated, but an important deadline to be observed. It is Tax Day.
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.
EDITORIAL – Swiss voters say ‘Nein’ to tax bullies
Coming out of Switzerland is a developing story that’s not exactly “Man bites dog,” but certainly constitutes “Man bites back,” and is particularly instructive to the people of the Cayman Islands.
Second public consultation period on beneficial ownership
Government has announced the start of a second public consultation period for the planned exchange of beneficial ownership information with foreign law enforcement and tax authorities through a centralized platform.
Multilateral convention closes tax treaty loopholes
More than 100 jurisdictions have concluded negotiations on a multilateral instrument that will implement a series of tax treaty measures to update international tax rules and lessen the opportunity for tax avoidance by multinational enterprises.
European Commission unveils plans to harmonize corporate tax
The European Union has announced plans to overhaul the way in which companies are taxed inside the single market.
US rakes in $10 billion from offshore tax disclosure programs
The U.S. Internal Revenue Service has once again reminded U.S. taxpayers with undisclosed offshore accounts to use existing disclosure programs to come into full compliance with their federal tax obligations.
G-20 meeting advances tax agenda amid concerns over globalization
Leaders of the world’s 20 largest economies have warned that global growth needs to be shared more equally to stop mounting concerns over globalization and free trade.
Wines for a taxing Tax Day
April 15 is looked upon with dread by Americans because that’s the day most of them - if they’re defined by law as a “United States Person” and earn more than a specified amount - are legally required to file their federal tax return, no matter where they might be living in the world.
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.
Mixed reaction to BBC documentary
The BBC’s documentary on the Cayman Islands, “Britain’s Trillion Pound Island” showed off some of the island’s natural beauty to viewers in the U.K. But not everyone watching from Cayman, including some of the people featured in the show, were too impressed.
Is Cayman too shy?
Distasteful as it is to anticipate yet another journalistic hatchet job on the Cayman Islands, the prospect nevertheless becomes a compelling watch for Cayman residents.
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.
Oil, solar contribute to decrease in CUC power bills
Caribbean Utilities Company announced on Tuesday a continuing decline in electricity prices – and consumer bills – as the price of oil falls on...
