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CAYMAN ISLANDS: Financial services ministry rejects corporate tax haven index ranking.


Added on 31/05/2019

As published cayman27.ky, Thursday 30th May, 2019.

 

The Financial Services Ministry dismisses Cayman’s inclusion on the Corporate Tax Haven Index.The index rates countries on how helpful they are to companies trying to avoid taxes. Cayman was ranked number three. The index was published by the Tax Justice Network, a UK based independent tax evasion group.

In a statement to Cayman 27, the Ministry said, it “is aware of the report and the resulting press coverage. The Ministry realises there are some unfavorable sentiments directed at Cayman’s position as a tax-neutral jurisdiction. While it is unfortunate that our tax neutrality is often misunderstood and politicised overseas, the Cayman Islands adheres to international standards against tax evasion and other financial crimes. It should also be noted that Cayman maintains a high level of international tax cooperation, which has been recognised and acknowledged by foreign competent authorities and global bodies such as the OECD (Organisation of Economic Cooperation and Development.”