Wednesday 8 July, 2020

Cayman govt responds to EU blacklisting

The Government of the Cayman Islands has responded to yesterday's report that it is being placed on the EU list of Non-Cooperative Tax Jurisdictions. Other countries that made it on the list include Fiji, Oman, Samoa, Trinidad and Tobago, Vanuatu and the US territories of American Samoa, Guam, and the US Virgin Islands.

The following statement was released at 4.23PM yesterday February 12.

"The Government of the Cayman Islands is aware of media reports on the ongoing revision of the EU list of non-cooperative jurisdictions for tax purposes.  While reports suggest the recommendation to EU Ministers of Finance that has been made by EU Ambassadors, the EU Ministers of Finance will make the final decision at a meeting to be held on 18th February. As such, we have yet to receive confirmation of an EU decision.  We believe that we have introduced the appropriate legislative changes to enhance our regulatory framework, in line with the EU’s requests. 

Over the past two years, the Cayman Islands Government has adopted a number of fundamental legislative changes to enhance tax transparency and cooperation with the EU, fully delivering on our commitment to strengthen our regulatory regime and addressing the concerns reflected in the EU Council conclusions of 12 March 2019. The Cayman Islands Government has offered to make itself available for further dialogue or clarification with the Commission and the EU Ministers of Finance."

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