Cayman Islands Taxation
Published / Last Updated on 30/04/2010
by Ashley Clark, Director
The Cayman Islands has won a stay of execution on the thorny issue of direct taxation following the visit by a delegation from the islands to London.
The delegation, led by Cayman premier McKeeva Bush said that the UK Foreign and Commonwealth Office (FCO) continues to suggest that the Cayman Islands international reputation would be improved if it were to introduce some form of direct tax in the country, as it would be less likely to be viewed as a “Tax Haven”.
The Cayman islands reiterated the risks associated with taking this course and after discussions, the UK government agreed to continue to examine ways to broaden the revenue base that were suitable to the Cayman Islands and consistent with the country’s economic model.
The FCO said there were open and frank discussions on Cayman’s fiscal affairs and it was generally agreed that the country needed to implement short and medium term plans to maintain economic sustainability yet allow UK and other States to tax its Nationals who evade taxes by using “Tax Havens”.
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