The Cayman Islands says European Tax Commissioner Pierre Moscovici has assured the territory there will be a fair screening process for its proposed list of non-cooperative jurisdictions for tax purposes.
Following a meeting with Moscovici in Brussels, the Cayman Islands’ Financial Services Minister, Wayne Panton, said: “[Moscovici] was clear that no jurisdiction is being prejudged to be included on a list of non-cooperative jurisdictions that is intended to be created by the end of this year.”
Panton said his meetings in Brussels were “an excellent opportunity to raise awareness and understanding of Cayman’s tax system, and to assure members of the European Commission that our indirect tax system is not designed to negatively impact other jurisdictions.”
Panton said Moscovici recognized Cayman’s efforts to meet international tax transparency standards and participate in the OECD’s base erosion and profit shifting initiative. Cayman has committed to implement BEPS minimum standards as an Associate in the OECD’s inclusive framework for non-G20 territories.
Panton said the recognition demonstrates the effectiveness of the hard work of the Finance Ministry. “We are obviously pleased by the supportive comments made by Moscovici, and indeed other members of his Commission, including Valere Moutarlier, who is Director General of the EU’s Directorate General for Taxation and Customs Union,” he said.
During the meeting, they discussed the European Union’s letters to 92 jurisdictions, sent on February 1, 2017, inviting potentially affected jurisdictions to engage in discussions with the panel of experts appointed to draw up the list.
News source: Lowtax