A working group, comprising public- and private-sector
representatives, is assisting with the development of the Cayman
Islands' legal framework for the automatic exchange of
information (AEOI) for tax purposes, in order to respond to
international initiatives that include US and UK FATCA.
The working group will provide its recommendations regarding
draft primary legislation, for consideration by the Legislative
Assembly during its May session, said group Chairman Roy
The group also will work on draft regulations, and guidance
notes as appropriate, for Cayman's financial services
Mr McTaggart emphasised that the working group's remit
expands beyond FATCA, to encompass future international AEOI
'AEOI is rapidly becoming the global standard for tax
information exchange', he said. 'While the public is
increasingly familiar with the terms "US FATCA" and
"UK FATCA", it is important for them to understand that
those initiatives are mechanisms for the automatic exchange of
information for tax purposes. Other mechanisms will develop,
whether by individual countries or on a global scale.
'The working group is therefore assisting with the
development of Cayman's legislative and regulatory framework to
meet both the current needs of US and UK FATCA, as well as future
In addition to Mr McTaggart, group members and the organisations
they represent are Ms Catherine Williams, Attorney General's
Office; Mr Duncan Nicol, Department for International Tax
Cooperation; Mrs Michelle Bahadur, Department for Financial
Services Policy and Legislation; Mr Mike Mannisto, Cayman Finance;
Mr Martin Livingston, Cayman Islands Compliance Association; Mr
David Conen, Cayman Islands Society of Professionals Accountants;
and Mr Cecil Chan-A-Sue, Cayman Islands Bankers Association.
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On September 30, 2016, the VAT authorities confirmed that VAT shall apply to directors' fees.
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