Cayman's global leadership in tax transparency was the focal topic during recent meetings between the Minister of Financial Services, the Hon. Tara Rivers; and high-ranking US lawmakers and regulators.
The Cayman Islands is at the forefront of tax transparency in order to ensure that our jurisdiction is not used to facilitate tax evasion.
Minister Rivers, accompanied by Department of Financial Services Director Michelle Bahadur and Policy Officer Wilbur Welcome, met on 11 April with Mr Doug Poms, US Treasury's International Tax Counsel, to discuss recent changes in US tax law and Cayman's strong record in inter-government tax transparency and compliance initiatives.
Cayman's record includes early commitments to US FATCA; and the OECD's Common Reporting Standards, Multilateral Convention on Mutual Administrative Assistance in Tax Matters, and Country-by-Country Reporting under the OECD's Base Erosion Profit Shifting Inclusive Framework.
Minister Rivers also met with the Congressional tax-writing committees to discuss the new US tax reform laws and their impact on international investment. She spoke with Senate Finance Committee Republicans Mr Mark Prater, who is the committee's Chief Tax Counsel; and Mr Eric Oman, who is the committee's International Tax Counsel.
Cayman's team also met Mr Ryan Abraham and Mr Chris Arneson, tax counsels for the Democratic Party's Senate Finance Committee members.
'Because the Senate Finance Committee drafts US tax legislation, it is critically important that all members know the facts about Cayman's tax transparency and information sharing regime', Minister Rivers said.
In addition the team met with Ms Barbara Angus, Chief Tax Counsel for the House Ways and Means Committee. This committee makes recommendations on all bills for raising revenue, and as such is the primary source of legislation for taxation, custom duties, and international trade agreements.
Ms Angus was instrumental in the negotiation of the first tax information exchange agreement (TIEA) between the US and the Cayman Islands, on behalf of the US Treasury. She specifically thanked Cayman's Government for demonstrating leadership in signing this TIEA in 2001, which she said led to other jurisdictions following Cayman's lead.
US law firm Baker Botts assisted Ministry with planning the visit.
Minister of Financial Services the Hon. Tara Rivers (fourth from left) and Department of Financial Services (DFS) staff met with Mark Prater, the Chief Tax Counsel of the Senate Finance Committee; and International Tax Counsel Eric Oman. From left: DFS Director Michelle Bahadur and Policy Officer Wilbur Welcome; Mr Prater; and Mr Oman.
Minister of Financial Services the Hon. Tara Rivers, JP, MLA; and Doug Poms, US Treasury's International Tax Counsel.
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