Minister of Financial Services the Hon. Tara Rivers will meet EU officials in Brussels during the week of 17 September, to continue Government’s discussions regarding the EU’s list of non-cooperative tax jurisdictions. ‘This visit allows important face-to-face dialogue with EU officials about their concerns, and Cayman’s efforts to date to develop proposals and appropriate legislation to address these concerns’, Minister Rivers said. She noted that the Ministry will launch public consultation within the next few months, after draft legislation has been prepared.
On 5 December 2017, the EU issued a list of jurisdictions that it considered to be non-cooperative in tax matters with EU Member States. Cayman was not on that list. However, in relation to Cayman and 12 other jurisdictions, the EU noted their concerns in relation to the jurisdictions’ ‘fair taxation’ practices. In response, all of these countries committed to addressing the EU’s concerns through legislative changes, and are aiming to have this legislation in place by the end of 2018.
Although the EU Code of Conduct Group did not issue further guidance until June 2018, the Ministry has diligently worked to continue the engagement efforts with both local and EU stakeholders since December 2017. ‘The Ministry has been working steadily with financial services industry representatives, international legal counsel, and Government entities including the Cayman Islands Monetary Authority and the Ministry of Commerce, in preparation for our legislative proposals’, Minister Rivers said. ‘I thank all of the participants for continuing to provide input into this process’. Accompanying Minister Rivers to Brussels is the Department of Financial Services Policy and Legislation’s Director Michelle Bahadur, and the department’s special projects coordinator Anna Goubault.
Via Press Release