Saturday 23 March, 2019

Gov't issues statement after being blacklisted by The Netherlands

The government of the Cayman Islands has issued a statement on Friday after it was reported that the island nation had been blacklisted by the Netherlands. 

The government has slammed the blacklisting as unjustified noting that it wholly rejects the move noting that it lacks fairness and credibility.

According to the government, the “blacklisting” does not take into account Cayman’s demonstrated adherence to international standards for tax transparency, or participation with the OECD’s BEPS Inclusive Framework, and ignores our engagement with the EU’s Code of Conduct Group over the last two years to address their concerns regarding economic substance.

"The Cayman Islands Government regrets that the Kingdom of The Netherlands has chosen to break from other EU Member States to pursue a “blacklist” of 21 jurisdictions, including the Cayman Islands, based solely on the criteria of having a lower corporate tax rate than any EU Member State," read the release. 

It is unfortunate that The Netherlands has chosen to attempt to divert criticism of its own tax practices by attacking the legitimate tax regimes of other jurisdictions.

 

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