Cayman Islands delegation holds successful meetings with EU officials

ArchiveOct 1, 2017

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EU decision makers recognised Cayman’s commitment to tax transparency, and its overall track record on international regulatory standards.
They considered Cayman’s maintenance of a ‘largely compliant’ rating on the Global Forum on Transparency and Exchange of Information for Tax Purposes as a positive result, in light of the Global Forum’s strengthened review processes.
The Government delegation spoke about Cayman’s important role as an international financial centre, with a strong legal framework and commitment to global standards and transparency.
They explained that Cayman has never had a direct tax system; that our consumption-based, indirect tax system treats residents and non-residents the same, with no preference given to either; and that indirect taxation equates to about 28% of Cayman’s GDP.
As part of our commitment, the delegation noted that Cayman is participating in the OECD’s BEPS (base erosion and profit shifting) tax initiative, which the EU will consider as a factor in its listing process.
They also emphasised Cayman’s role in adding value to the global economic and financial system.
European Commission Vice-President Mr Valdis Dombrovskis, who is in charge of Financial Stability, Financial Services and Capital Markets Union;
Member of EU Commissioner Pierre Moscovici’s Cabinet, Mr David Boublil (Mr Moscovici is in charge of Economic and Financial Affairs, Taxation and Customs);
European Commission’s Head of Unit, Directorate-General for Taxation and Customs Union, Mr Bert Zuijdendorp; and
Ireland’s Permanent Representative to the EU, Ambassador Declan Kelleher.

Published October 1, 2017