Cayman Islands Minister: 'Critical errors' in Oxfam Report
- The Cayman Islands has never had a direct tax system, choosing instead an indirect tax system that adequately meets the need of its population. There is, therefore, no 'race to the bottom' and no tax incentives system designed to target non-resident individuals or legal entities.
- Cayman has adopted and introduced a number of transparency and exchange of information mechanisms, including all three of the OECD criteria listed by Oxfam as important.
- For more than a decade, Cayman has required the collection, updating and maintenance of information on beneficial owners of the legal entities in the jurisdiction. This information has been exchanged with tax and law enforcement authorities through the various exchange mechanisms in effect.
'Oxfam's insistence on public disclosure of beneficial ownership information as part of this criteria is disingenuous as it conveniently ignores valid concerns regarding human rights and the fact that the majority of countries do not have public registers of beneficial ownership information', Minister Panton said. - The Cayman Islands supports the BEPS inclusive framework, and country-by-country reporting in particular. Minister Panton said Cayman already has begun the work to consider the relevant aspects of the initiative for local adoption next year.
Published December 13, 2016
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