Most Read Contributor in Cayman Islands, September 2016
Highlighting Cayman's 'lead on global transparency as a
cooperative jurisdiction', UK Chancellor of the Exchequer
George Osborne has written to the Minister of Financial Services,
Wayne Panton, welcoming Cayman's participation in the
discussion for the development and subsequent implementation of a
global standard for the sharing of beneficial ownership
'Cayman has taken a lead on global transparency as a
cooperative jurisdiction, including through your early commitment
to the Common Reporting Standard, your joining the Multilateral
Convention and the important role that you have played and continue
to play in the Global Forum for Tax Transparency', Mr Osborne
wrote in his letter, which was dated 10 May and received by the
Ministry today (Wednesday, 18 May).
'This has been influential in helping achieve rapid global
uptake of these standards and a step-change in global tax
Mr Osborne also wrote that he has asked officials to ensure that
arrangements are put in place so that the Cayman Islands, along
with other committed jurisdictions, will be able to participate in
discussions as the global standard is developed.
'It will be important, as you say, to ensure that the new
standard respects the confidentiality and security of data and that
appropriate legal gateways are in place. I also very much agree
with your comments about the importance of a level playing field
and hope that we can work together to convince all countries and
jurisdictions to join this important initiative', he wrote.
On behalf of Government, Minister Panton wrote to Mr Osborne on
6 May in order to agree to participate in the discussions. In
addition to raising the points regarding confidentiality and data
security, in his letter he noted that having a level playing field
is vitally important in order for global mechanisms to be effective
and that as such, he looked forward to other jurisdictions making
similar commitments to the initiative.
On September 30, 2016, the VAT authorities confirmed that VAT shall apply to directors' fees.
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